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Bitcoin has finally carved a meaningful bottom around $53,500 mark falling in-line with expectations. The crypto has produced a bullish Morning Star candlestick pattern on the daily chart on Sunday, indicating a potential trend reversal. Bulls will remain inclined to push towards $70,000 ad higher in the next few weeks. Ideally, prices should stay above $53,500 to keep the bullish structure intact.
Also note that Bitcoin has bounced from a strong convergence point as described here: 1. The Fibonacci 0.50 retracement of the upswing between $40,000 and $69,000. 2. The past resistance turned support zone and 3. The new channel support trend line. High probability remains for a strong rally towards all-time highs above $69,000.
On the flip side, a break below $53,500 would further open doors to slip through $50,000 and $40,000 initial price support. In that case, the bearish trend would remain intact as Bitcoin prepares to test lower levels. At this point in writing, bulls are looking to be in control as they prepare to break above $60,000.
Potential rally towards $70,000 against $50,000.
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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