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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin - A bigger picture

THE EXTENDED BULLISH TREND SEEMS TO HAVE REACHED A TEMPORARY MATURATION.


  • The long-term bullish stance out of the KL wedge pattern to the initial S0* target was exceeded. The long-term alternative of an extended bull trend is materialising.

  • The next Fibonacci extension is at  R1 where an overdue phase 4 can develop, as illustrated.  This level also coincides with the previous tops.

  • The longer-term bull trend seems incomplete with further and final gains to T1 and P.  This can also complete a potential PQ formation.

  • Eventual meaningful downside off T1 to S1 is likely.

  • S0* is the important level for the bull trend continuation.

  • Note: The overbought RSI, coupled with the blow-off phase 3 of the bull market should lead to increasingly medium-term volatile moves.  




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