The impulse on the Bitcoin price chart has broken falling wedge’s upper band, which I described at the previous analysis. It can be the evidence of the local trend reverse. I don’t believe that we are going to see the new ATH soon, but the technical bounce we can expect.
Now the BTC price is on the very important point. It is trying to break the resistance and weekly R1 level. If it is able to do it, next target is $52300 – weekly R2 + local high level. The final target of this rally is Supply Zone ($58000 – $61000). Here is a lot of liquidity as the short positions stop-losses and most of traders will believe in tothemoon and are going to buy Bitcoin. After that I expect the drop below $40000, but we will talk about it later.