Analyst Thoughts: Bitcoin Medium-Term
VIEW RETAINED FOR AN ADVANCING BULL TREND AIMING FOR A TARGET OF 41 300.
The long-held bullish view of S3 is materialising.
The indicated target area is around RA1 where phase A=C is a common extension level.
S1* at the previous highs is now the pivotal support for the illustrated view. A definite break through this level will negate further upside potential.
The market is forming a small trend-ending pattern with oversold and diverging RSI conditions (line D). This should result in a meaningful W, X, Y type bearish correction off RA1 to S2/S3
An extension of the bull trend beyond RA1 will target R2*.
Target and Re-assessment Levels:
Pivotal Levels: R2* and S1*
Primary Trend and Target Levels: Gains to RA1. followed by downside to S3
Prevailing Trend and Target Levels: Gains to RA1
Technical Rating: Medium