Bitcoin’s rebounded strongly over the week and and it’s now trading back above 42k handle. The decline from 68986 is seen as the first leg of a long term corrective pattern. Such fall should have completed at 33000, on bullish convergence condition in daily MACD.
Rise from 33000 is seen as the second leg of the pattern. Further rally is expected as long as 37309 support holds, back to 38.2% retracement of 68986 to 33000 at 46476. Sustained break there will target 61.8% retracement at 55239 and above. In this case, the even pattern would be a sideway one, with range set between 33000 and 68986.
However, rejection by 46476, or earlier, would argue that it’s developing into a deep correction that should have another down leg through 33000 and even 30k.
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