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