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Bitcoin had dropped through $28,600 late on Thursday before finding support. The crypto has produced a sharp rally since then, closing higher at around $30,500. Also, note that a classic Engulfing Bullish pattern is complete on the daily chart suggesting further upside against the $28,600 lows. Potential remains through $42,000 at least going forward.
Bitcoin has carved a meaningful downswing between $69,000 and $25,500 earlier as seen on the above daily chart. The crypto is producing a counter-trend rally since then and is well poised to push through the $40,000 initial resistance as projected here. Once complete, we can expect the second wave lower within the overall corrective rally.
Bitcoin could terminate the anticipated counter-trend rally toward the $48,000-50,000 area, which is close to the Fibonacci 0.618 retracement of the entire drop between $69,000 and $25,500. Traders might be prepared to open fresh long positions and also add further around current levels with a potential target of around $42,000 in the near term.
Potential rally towards $42,000 and $50,000 against $20,000
Good luck!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
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