top of page
  • Writer's picturePeet Serfontein

Analyst thoughts: Bitcoin Long-term

VIEW RETAINED FOR A BULLISH CORRECTION BETWEEN 32 900 AND 25 200, WHICH FORMS PART OF A LARGER BEARISH TREND.

  • The bullish PQ correction is developing, as expected and the illustrated outlook is retained.

  • The P*Q defined gains are most likely an incomplete wedge that can see further overlapping upside to R1 and P*.

  • If the analysis is correct, then phase C upside is currently forming to R1 and P*, followed by phases D and E.

  • The P*Q price action has corrective traits when compared to previous trends and a bear trend to S2 is expected on completion of the formation.

  • Any interim definitive break of S0*/Q* should activate the bear trend to S2. P* is pivotal for the longer-term bearish outlook.

Target and Re-assessment Levels:

Pivotal Levels: P* and S0*

Primary Trend and Target Levels: Overlapping gains to P*, followed by downside to S2

Prevailing Trend and Target Levels: Overlapping gains to R1*

Technical Rating: Medium


2 views0 comments

Comments


bottom of page