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Bitcoin dropped through the $29,600 lows on Friday before finding some bids again. The crypto is holding well above the $28,000 interim low as bulls are looking poised to push higher through $35,000 and up to $42,000 going forward. On the flip side, a break below $28,000 will test the $27,000-500 mark before resuming its rally.
Bitcoin is still unfolding its corrective wave that has begun from the $25,500 lows earlier. If the third leg within the corrective phase is underway, prices will rally from here and push through $42,000 and $48,000 in the next several trading sessions. Alternatively, prices could first drop towards the $27,000-500 area before resuming higher again.
Bitcoin is working on a larger degree downswing carved between $69,000 and $25,500. Prices might push through $48,000 and up to $52,000 which is also the Fibonacci 0.618 retracement of the above drop. Bears will remain inclined to be back in control thereafter and drag prices below $25,500.
Potential rally through $42,000, $48,000 and up to $52,000 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.
