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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Medium-Term

VIEW RETAINED FOR A BEARISH CORRECTION OFF THE TARGET AREA.


  • The expected test and reversal off the indicated R1 target area has materialised and the illustrated view is retained.

  • W,X,Y downside should target S2 and S3 over time where a medium-term bottom is likely. 

  • The initial X phase of the correction could be complete at S1*. A R0 /S1 consolidation would then be phase B, followed by further downside to S2 and S3.

  • A break of S1* will activate further downside to S2.

  • The market should preferably stay below R0* to retain the bearish bias.



Target and Re-assessment Levels:

Pivotal Levels: R0* and S1*

Primary Trend and Target Levels: WXY downside to S2 and S3

Prevailing Trend and Target Levels: R0*/S1* consolidation

Technical Rating: Medium



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