Bitcoin jumped over the weekend and breached 39481 resistance today. The strong support from 4 hour 55 EMA affirms near term bullishness. The development also affirms our view that whole decline from 64828 has completed with five waves down to 31073 (with the last as a failure fifth).
Near term outlook will now stay bullish as long as 35816 support holds. Next target is 38.2% retracement of 64828 to 31073 at 43967 at least. It’s a bit early. But we’d pencil in the prospect for further rise to 61.8% retracement at 51933.
