Bitcoin might have carved a lower degree wave iv correction around $55600 levels on November 18, 2021 or it could drop toward $52000 mark before finding support. Either way, downside remains extremely limited from here as bulls are inclined to be back in control.
Bitcoin has been unfolding its larger degree Wave ((5)) since $4000 lows in March 2020. The crypto has already terminated waves (1), (2), (3) and potential (4) and is progressing Wave (5) towards $75000 at least.
Further note that potential Wave (4) terminated around $28800 levels on June 22, 2021. Since then, Bitcoin has been unfolding lower degree waves with Wave (5). The crypto could be into its final Wave rally and has potentially carved a low around $55600 over the last week.
If the above is correct, Bitcoin bulls will be poised to push higher towards $75000 levels at least, before finding major resistance. Alternatively, prices might drop through $52000 mark, which if fibonacci 0.382 retracement of the rally between $28800 and $70000 levels respectively, before resuming higher.
Traders might remain poised to initiate fresh long positions around current levels or from $52000 mark, with risk below $50000. Potential target remains $75000 levels, going forward.
The Profinacademy.com Team
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 US dollar index spiked through 96.85 mark on Wednesday on the back of the Federal Reserve interest rate decision.
EURUSD is finding support from its consolidation lower range around 1.1260-70 and could resume its rally from here soon.