Bitcoin dropped close to $46000 mark on Monday before finding support again. The crypto is seen to be trading around $46500 mark at the time of writing as bulls remain inclined to be back in control. The retracement looks complete around $46000 mark for now.
Bitcoin seems to have carved an up gartley since $52000 highs and is now looking ready to resume higher again. Looking at the lower degree wave counts, it has carved potential waves I and ii around $52000 and $46000 levels respectively.
Bitcoin should be preparing to produce a sharp rally though $60000 and higher as lower degree wave iii unfolds from here. Please note that prices should stay above $42000 mark to keep the bullish structure intact. A push through $52000 will encourage bulls and accelerate further.
The larger degree wave structure also remains constructive for bulls as Bitcoin has bounced off from its trend line support recently. The crypto might be progressing in intermediate Wave 3 within larger degree Wave (5). If the proposed structure holds, Bitcoin will push through all-time highs above $70000 in the next few sessions.
Traders might be preparing to hold long positions from $46000-500 mark with risk below $40000. Potential target in the near term is above $60000 resistance.
The Profinacademy.com Team
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