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Bitcoin dropped through the $54,000 mark as it was discussed as a probability on Thursday, before turning higher again. The crypto is still near the support range (rectangle boz presented) on the daily chart. The price is testing a potential convergence of the new channel support and Fibonacci 0.50 retracement of the rally between $40,000 and $69,000.
Bitcoin is now expected to find support around the $52,800-53,500 zone, before resuming its uptrend towards $75,000. On the flip side, if the price drops below the support channel it could open the door to test the $40,000 support level. This may encourage bears to be back in control over the next few trading sessions.
A bullish bounce around the above zone will keep the wave structure intact and Bitcoin would still be poised to resume its rally towards $75,000. We can expect a meaningful bearish reversal thereafter, which might drop back to $40,000.
Potential rally towards $75,000 against $50,000
Good luck!
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