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  • Writer's picturePeet Serfontein

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


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