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Bitcoin rose to $24,200 intraday on Monday before easing off. The crypto is seen to be trading close to $24,050 and expected to drag towards the $22,200-300 zone before resuming its rally. Bears seem inclined to complete the Up Gartley at around $22,200 before giving in to the bulls again. The bottom line is that prices should stay below the $24,500-600 interim resistance for now.
Bitcoin has been producing a counter-trend rally from the $17,500 lows as seen on the daily chart. The counter-trend is expected to reach at least $29,400-500 before terminating, if not further. Please note that the potential remains for a push through the $48,000-500 zone as well, which is the Fibonacci 0.618 retracement of the drop between $69,000 and $17,500.
Bitcoin is currently working on a lower-degree upswing between $20,700 and $24,450. The Fibonacci 0.618 retracement of the above swing is seen at around $22,200-300 which is seen as strong support. Prices are expected to drag lower from here and then resume a rally as depicted on the chart here. Potential upside targets are the $29,400-500 levels.
Potential rally through $29,400-500 against $17,500
Good luck!
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