If BTC holds above 40K - it should try to reach 50K

Morning everybody,

So, our suggestion on re-testing of 42 was correct. While we politely have suggested reaching of just OP around 42.20 - BTC hits XOP at 48K. Now we have reasons to suggest that BTC is aiming on 50K target. First, is, recently it was good acceleration to 1.27 butterfly target. As a rule, it leads to 1.618 after some pause. Second, BTC stands in tight relation to interest rates, and today we could get the pattern that suggests jump to new highs on 10 year yield. This, in turn, should help BTC to reach the anniversary level.

Technically, BTC could show some retracement, but if market is still bullish it has to stay above strong K-support and previous top of 42k. Downside breakout means that retracement might be deeper, and it could drop to 30K. Actually this is our next trading plan, if 50K will be reached.

Thus, if you intend to buy - keep on chain of Fib supports, be sure that price is above 42 K area. Target is 50K - 1.618 Butterfly extension.