Bitcoin continues to drift sideways within a lower degree triangle consolidation before prices
breakout toward $50000 mark. A break below $37000 might could challenge $34000 and $33000 as
well. On the other hand a break above $45000 will accelerate higher.
Bitcoin might have already carved its first impulse wave between $69000 and $33000 earlier. It is
labelled as potential Wave 1 on the daily chart presented here. Ideally, an impulse is followed by a
corrective wave in the opposite direction.
Bitcoin rally since $33000 lows might be unfolding a corrective wave as a standard flat or
combination marked as a-b-c on the chart. If correct, we should see prices rallying sharply from
current levels ($38800) through $50000 mark.
Also note that fibonacci 0.618 retracement of above drop is passing through $55000 mark.
Probability remains high for a bearish turn if prices are able to reach there. Bears will remain inclined
to be back in control thereafter.
Traders might be preparing to hold and buy fresh long positions now ($38800) with risk below
$33000 and potential near term target as $50000 levels. Watch out for a break above $46000 to
accelerate further.
Bitcoin eyes $50000 as near term target
