Bitcoin's counter-trend rally continues as the crypto has completed its first leg around the $50,200 mark. It might be preparing for a drop as the second leg of correction before rallying towards the $51,000/52,000 levels to complete its corrective rally. The crypto is seen to be trading around the $49,300 mark at this point in writing. It is expected to rally further towards $52,000 after a corrective drop.
Immediate support is seen at the $43,000 mark, while resistance comes in around the $58,300 level respectively. The Fibonacci 0.618 retracement of the drop between $58,300 and $43,000 is seen passing through the $52,000 mark. If it reaches this level, it may rise higher.
Bitcoin bears might be targeting the $37,000 level in the near term, but a break lower would open doors towards the $24,000 level which is Fibonacci 0.618 retracement of the entire rally between $3,850 and $58,300 since March 2020. Only a break below one year trend line support would threaten the existing up trend.
Remain short with stop @ 60000, target @ 37000.
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