top of page
  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Long-Term

BULLISH CORRECTION VERSUS BEARISH TREND AND THE IMPLICATIONS FOR FUTURE MOVEMENTS.


  • The long-held view of an A,B,C bullish correction of S4 has tested and reversed off the R1 target level.

  • The preferred longer-term view remains for a 1,2,3,4,5-bear trend to S2, as illustrated. The downside will be confirmed on a break of S0*.

  • The fact that phase C was 1.618 x phase A, suggests, however, that the bull trend could be impulsive with further upside to R2.

  • The bullish alternative will become more plausible if the market can hold above S0* over time (perforated arrow).

  • A medium-term neutral stance between R1* and S0* seems appropriate at this stage with the preferred outlook of a downward break.



 Target and Re-assessment Levels:

Important Levels: R1* and S0*

Primary Trend and Target Levels: Downside to S2

Prevailing Trend and Target Levels: R1*/S0* ranging

Technical Rating: Neutral to Bearish



14 views0 comments

Comments


bottom of page