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Bitcoin carved a lower high just above the $39,600 lows on Wednesday and seems ready to resume higher again. The crypto is looking poised to take out initial resistance at $48,000 followed by $52,500 in the near term. Bulls need to ensure that prices stay above $39,600 to keep the above bullish scenario intact.
Bitcoin carved a lower degree upswing boundary between $39,600 and $45,000 over the last few trading sessions. The above has been retraced through the $41,100 lows on Wednesday and prices bounced back above the $42,000 handle. High probability remains for a continued rally from here through at least $52,000.
We shall take a review again to decide further action thereafter. Only a consistent break below $39,000 may open the door to further test of the $28,700 lows in the next few weeks. At the moment, bulls are looking poised to stage a sharp rally towards $52,500 before pulling back.
Potential rally through $52,500 against $38,000
Good luck!
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