Bitcoin might be on its way towards all-time highs above $69,000 mark in the next several trading days. The crypto dropped through $53,500 zone over the last week and produced a bullish reversal candlestick pattern (Morning Star). Bulls were able to push through $59,000 high almost taking out initial resistance around $60,000 mark. High probability remains that Bitcoin has carved a meaningful bottom around $53,500 and that bulls are now determined to push through fresh highs.
Bitcoin is puling back and is trading around $56,500 mark at the time of writing. The pullback could extend further towards $55,000 mark before Bitcoin finds support again. Bulls would be inclined to push the price through fresh highs aiming for the levels above $69,000, thereafter. Ideally, prices should settle above $53,500 mark, to keep the above bullish structure intact.
Also note that the crypto has bounced off the new channel support trend line and fibonacci 0.50 retracement of the recent upswing between $40,000 and $69,000 respectively. Until prices stay into the buy zone of its channel support, the above bullish structure prevails.
Potential towards $70,000 against $50,000.
Good luck!The material has been provided by InstaForex Company - www.instaforex.com