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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Long-Term

THE OUTLOOK REMAINS OPTIMISTIC FOR A MATURING BULL MARKET PHASE.

  • The long-held view of an A,B,C bullish correction to L and R1* is materialising.

  • R1* is where phase C=A in length is 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 S2 is expected on completion of the medium-term gains to L/R2*.

  • Overbought RSI conditions, coupled with a possible LP topping formation, are early signs of a maturing bull trend.

  • R1* is pivotal for the illustrated view.

Target and Re-assessment Levels:

Important Levels: R1*

Primary Trend and Target Levels: Gains to R1*, followed by downside to S2/S3

Prevailing Trend and Target Levels: Overlapping gains to L

Technical Rating: Medium



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