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  • Writer's picturePeet Serfontein

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


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