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Bitcoin continues to trade within the range between $29,500 and $31,500 since the last few sessions. The crypto might be carving a potential triangle after forming a lower degree upswing between $28,000 and $32,400 recently. Bulls will be poised to hold prices above $28,000 to keep the structure constructive towards $35,000 and $42,000 respectively.
Bitcoin is within a countertrend rally since reaching the low of $25,500 and is expected to push the price through the $42,000 mark targeting initial resistance. Also note that it is close to the Fibonacci 0.382 retracement of the previous drop between $69,000 and $25,500. Near-term support is seen around the $27500 level if the price drops through this mark.
Bitcoin has been working on a larger degree downswing between $69,000 and $25,500 over the past few trading sessions. The proposed corrective wave might initially drop through the $27,500 mark, which is the Fibonacci 0.618 retracement of the initial upswing as marked on the chart here. We can expect a rally towards the $48,000 mark in the next several weeks.
Potential rall through $42,000 and $48,000 against $20,000
Good luck!
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