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Bitcoin is back above the $20,000 handle on Wednesday after finding support at around $19,300 early this week. The crypto is looking to push towards $24,400 and $24,500 in the near term as projected on the daily chart. Please note that initial resistance is seen at $33,375 and bulls would be targeting that over the next several trading sessions.
Bitcoin has carved a larger-degree downswing between $69,000 and $17,500 levels. The drop looks like corrective three waves and unfolded as a potential zigzag (5-3-5) towards $17,500. Also, note that the above bearish boundary might be the first wave of a larger-degree correction, which would eventually drag prices below $17,500 in the next several months.
Bitcoin prices are currently working to produce a counter-trend rally of three waves which has begun from the $17,500 low registered on June 18, 2022. The recent upswing is seen between $17,500 and $21,800, which has been already retraced towards $18,600. Prices remain well supported at around the $19,000-200 area with the Fibonacci 0.618 retracement passing through.
Bitcoin is trading sideways within a range between $18,700 and $20,500 in the past few trading sessions. Bulls are now looking poised to break prices above the short-term intermediate resistance seen around $20,500 and accelerate towards $24,400 and higher as discussed earlier. The bottom line for the structure to remain intact is that prices must settle above $17,500.
Potential rally towards $24,000 and $28,500 against $17,500
Good luck!
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