top of page
  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Medium-Term

VIEW RETAINED FOR A MATURING BULL TREND TO REACH THE HIGHS OF MAY 2022.

  • The long-held bullish stance is materialising and approaching the R1 target area.

  • R1 is where phase C is equal to 1.618 the length of A.  Whilst we retain the corrective A,B,C stance, this relationship could point to a larger bull trend as an alternative. 

  • The expectation is for the 1,2,3,4,5-bull trend to complete around the R1/R2 target area, followed by a meaningful W,X,Y downside to at least S2.

  • The view finds confirmation in the diverging RSI, as well as cluster resistance for phase C and the 1,2,3,4,5 subdivisions.

  • A meaningful W,X,Y-type bearish correction off RA1* to S2/S3 remains the preferred outcome.

  • RA1** is crucial for the view. A breach will negate the A,B,C correction with a bull trend to R3*.


 

Target and Re-assessment Levels:

Pivotal Levels: R2* and S1*

Primary Trend and Target Levels: Gains to R1/R2. followed by downside to S2

Prevailing Trend and Target Levels: Gains to R1

Technical Rating: Medium



3 views0 comments

Comments


bottom of page