Analyst thoughts: Bitcoin long-term
VIEW RETAINED: THE PQ BULL PHASE TO 36 600 IS PART OF THE LARGER BEAR TREND.
The long-held illustrated outlook of meaningful gains off S2 to R2* is materialising.
The PQ-defined upside should target R2* before completion, as illustrated.
The PQ price action has corrective characteristics when compared to the previous bull trend 2020/21. An eventual 1,2,3,4,5 bear trend to S2 and even S3 is thus expected off P/R2*.
R2* is the crucial level for the long-term bearish bias. A definite break of this level will extend gains to at least R3.
Summary: Medium-term bullish outlook to R2*. Price action at this level will be pivotal, but currently seems likely to reverse downward.
Target and re-assessment levels
View negated: R2*
Primary trend and targets: Gains to R2*, followed by downside to S2
Prevailing trend and targets: Gains to R2
Technical rating: Medium