Analyst Thoughts: Bitcoin - A bigger picture
VOLATILE GAINS AS THE BULL TREND PROGRESS
General view: The long-held illustrated bullish outlook is retained. The trend is progressing. The market has most likely completed the third-wave bull trend around R1, as expected.
Recent volatile range trading between R1 and S1* would have formed phase 4.
Current gains seem to be initial stages of the final phase 5 upside to cluster and target resistance around P/T1/T2.
A meaningful A,B,C downside should follow the completion of the bull trend to at least S2.
Note: Overbought conditions, coupled with the unwinding of the exceptional bull trend off Q, will result in further volatility.
Pivotal level: S1* is the important support for further bullish price action.
A break above T2 could extend the bull trend to T3 as an unlikely alternative outcome.
Conviction: High
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