Bitcoin is breaking higher of the last one month consolidation zone trading close to $43,000 mark. The crypto is looking to push through $50,000 mark to complete its corrective wave, which began from $33,000 mark. Bulls must hold prices above the $34,000 mark at least, to keep the bullish structure intact.
Bitcoin is finally breaking out of its triangle consolidationsince $46,000 highs in February 2022. Prices still need to break above $46,000 levels to confirm the same according to price action theory. The wave structure is pointing towards $50,000 at least, to complete the pattern and terminate higher. Bears will be poised to come back in control thereafter.
Bitcoin has dropped from $69,000 through $33,000 lows carving a meaningful larger degree downswing. Also note that fibonacci 0.618 retracement of the above downswing is seen passing through the $50,000 mark. High probability remains for a potential top and reversal if bulls manage to push through $50,000-55,000 zone.
Trading plan:Potential rally through $50,000 against $33,000
Good luck!