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