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  • Writer's picturePeet Serfontein

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


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