Bitcoin seems to be preparing to extend its rally though $52,000-53,000 mark as discussed earlier. The crypto is trading close to $37,500 levels at the time of writing and could accelerate higher in the near term. Having said that, please note that the proposed rally could just be counter trend and note push towards all-time highs.
Bitcoin is trading in a range since last two trading sessions and might first drop toward $33,500-34,000 range before resuming its rally. Near term support comes around the $35,200 mark, which is also fibonacci 0.618 retracement of recent upswing between $33,000 and $38,000 levels respectively.
Further, please note that Bitcoin needs to stay above $28,700 initial support to keep the above bullish structure intact. It is quite possible that the crypto drop below $28,700, confirming a major bearish reversal before producing the counter trend rally. Either way, Bitcoin remains vulnerable for a potential trend reversal, so the time is right to initiate short positions around $52,000-53,000 zone.
Trading plan:Potential rally towards $52,000 against $28,500
Good luck!