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  • Writer's picturePeet Serfontein

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


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