top of page
  • Writer's picturePeet Serfontein

Analyst thoughts: Bitcoin Long-Term

VIEW ADJUSTED: BULLISH CORRECTION BETWEEN 26 800 AND 38 000 IS PART OF A LARGER BEAR TREND.

  • The long-held bullish correction is extending beyond the initial P target to cluster resistance around L and R2*. The outlook has been adjusted accordingly.

  • R2* is where phase C= A in length as a common corrective target. If the analysis is correct, then the final phase C upside is currently forming.

  • The LQ* price action has corrective traits when compared to previous trends and an impulsive bear trend to S3 is expected on completion of the medium-term gains to L/R2*.

  • Any definitive break below Q* should activate the bear trend to S3. R2* is pivotal for the longer-term bearish outlook.

Target and Re-assessment Levels:

Pivotal Levels: R2* and Q*

Primary Trend and Target Levels: Gains to R2*, followed by downside to S3

Prevailing Trend and Target Levels: Overlapping gains to R1*

Technical Rating: Medium


8 views0 comments

Comments


bottom of page