Analyst thoughts: Bitcoin Medium-term
VIEW RETAINED FOR A BULL TREND TO 37200 / 41000
The view of impulsive gains from the PQ wedge pattern, followed by a strong bull trend to T1 and T2, remains preferred.
The initial phase of the expected 1,2,3,4 & 5 bull trend has likely been completed at the R1 previous top resistance.
The interim expectation of a R1/S1 consolidation phase continues as phase 2 and has normalised overbought RSI conditions.
A sharp break of R1 will activate the indicated medium-term upside is the pivotal level where the bullish outlook will be neutralised.
Target and Re-assessment Levels:
Pivotal Levels: S1*
Primary Trend: Gains to T1 and T2
Prevailing Trend: R1/S1 consolidation
Technical Rating: Medium to High