Analyst Thoughts: Bitcoin Medium-Term
VIEW ADJUSTED FOR AN EXTENDED BULLISH TREND THAT IS MATERIALISING
The long-held bullish view of S2 is materialising.
The initial bullish target at L has been reached and breached, resulting in the illustrated ABC bull trend being the higher probable outcome.
The indicated target area is around R3 where phase A= C is a common extension level.
S0* at the previous highs are now the pivotal support for the illustrated view. A definite break through this level will negate the extended upside.
A break above R3 will extend the bull trend to most likely 47 500.
Target and Re-assessment Levels:
Pivotal Levels: S0*
Primary Trend and Target Levels: Gains to R3, followed by downside to S2
Prevailing Trend and Target Levels: Gains to R2
Technical Rating: Medium