Analyst thoughts: Bitcoin Long-term
VIEW ADJUSTED: THE RISING WEDGE SEEMS TO BE PART OF LARGER BEAR TREND
The bullish outlook of gains to R2 needs reassessment after the recent sharp break below R0.
The P*Q defined gains is most likely an incomplete wedge that can see the final upside off S0*/Q to R1/P*.
The P*Q price action has corrective traits when compared to the previous trends. A 1,2,3,4,5 bear trend to S1 and even S2 is thus expected off P*
Any interim definitive break of S0* should activate the bear trend to S2. P* is pivotal for the longer-term bearish outlook.
Summary: Medium-term bullish bias off S0* towards P*. The long-term outlook remains bearish, especially after the recent sell–off through R0
Target and Re-assessment Levels:
Important Levels: P* and S0*
Primary Trend and Target Levels: Gains towards P*, with downside to S2
Prevailing Trend and Target Levels: Overlapping gains to P*
Technical Rating: Medium