Analyst thoughts: Bitcoin Medium-term
VIEW RETAINED: BULL TREND TO 37200/41000.
The view of an impulsive gains out of the PQ wedge pattern 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.
The interim expectation of a PQ correction, as phase 2, should be followed by a sharp break of P and R1 to activate the indicated medium-term phase 3 upside.
S1* is the pivotal support for the illustrated view.
Note: The grey LM pattern requires mentioning as a feasible alternative outcome. Further overlapping LM defined gains will result in a much more negative medium-term outlook.
Target and Re-assessment Levels:
Pivotal Levels: S1*
Primary Trend and Target Levels: Gains to T1 and T2
Prevailing Trend and Target Levels: PQ correction
Technical Rating: Medium