Bitcoin surged over the weekend and broke through 45842 near term resistance. The development confirms resumption of whole rebound from 33000. Near term outlook will stay bullish as long as 44432 support holds. Next target is 100% projection of 33000 to 45842 from 37550 at 50392.
For now it’s too early to conclude the trend in bitcoin is reversing. Rejection by 50392 will argue that rebound from 33000 is merely a correction, and bring down trend resumption through this low at a later stage. But sustained break of 50392 could trigger upside acceleration and solidify trend reversal. So, the level around 50k handle is key.
