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Bitcoin slipped through $28,800 intraday on Thursday before finding mild support. The crypto is trading just above $29,000 at this point in writing as bears prepare to print yet another low around $27,800 before giving in to bulls. Bulls will be poised to hold prices above the $25,500 mark and come back in control from $27,800.
Bitcoin had been drifting within a consolidation range since printing highs at around $31,400 earlier. The crypto remains strongly supported at around the $27,800-28,000 range since it is the Fibonacci 0.618 retracement of the upswing between $25,500 and $31,400 respectively. A high probability remains for a sharp bullish bounce thereafter.
Bitcoin has been unfolding a corrective rally since the $25,500 low and it is expected to terminate at around $42,000 and up to the $48,000 mark going further. Also, note that the $51,000-52,000 range will offer strong resistance since it is the Fibonacci 0.618 retracement of the larger degree downswing between $69,000 and $25,500. We expect a short-term rally through $52,000 and then a reversal.
Potential rally through $48,000-52,000 against $20,000
Good luck!
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