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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 in general.

  • The W,X,Y downside should target S2* where a medium-term bottom becomes likely. 

  • The current upside off S1 could extend to R0* to complete phase X. This is a minor adjustment to the previous outlook.

  • The downside to S2* will complete the W,X,Y correction.

  • The longer-term outlook remains uncertain. Developing price action should give more insight over time.

 


Target and Re-assessment Levels:

Pivotal Levels: R0* and S2*

Primary Trend and Target Levels: WXY downside to S2

Prevailing Trend and Target Levels: Gains towards R0*

Technical Rating: Medium



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