Bitcoin is now preparing to stage another rally through $50,000 mark at least, after having carved a potential bottom around $42,700 levels on Thursday. The crypto might be producing a Morning Star candlestick pattern on the daily chart and confirmation should be received by the end of the day. Bulls might be poised to hold prices above $42,000 interim support.
Bitcoin had earlier dropped from $69,000 highs through $33,000 lows carving a meaningful downswing. It is working on the above downswing and unfolding a counter trend rally towards $50,000 and up to $55,000 mark. Bears will remain inclined to be back in control thereafter and drag prices below the $33,000 interim lows.
Bitcoin is unfolding its last leg rally since $34,000 lows and is potentially heading towards $50,000 mark in the next few trading sessions. Also please note that the Fibonacci 0.618 of earlier downswing is also seen to be passing through $53,000 mark. High probability remains for a turn lower if prices manage to reach there.
Trading plan:Potential rally through $50,000 mark against $33,000. Then lower.
Good luck!