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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Medium-Term

IMPULSIVE BULLISH TREND TO 58000, AFTER A CORRECTION BACK TO 39500.


  • Our long-term overall bullish stance from the breakout of the trend-ending wedge at 0 extends beyond the S0 target. The view has been adjusted.

  • An impulsive 1,2,3,4,5 bull trend should target T1 and could extend to T2.  

  • The interim view is for a medium-term top around T1, followed by a bearish correction to S1 and S2. 

  • The longer-term outlook is for further eventual upside to T2 on completion of the A,B,C correction, due to the impulsive nature of the gains from 0.

  • The market is becoming overbought (highlighted) but could remain extended for a while.

  • S2* is a pivotal level for the bullish view.

 


Target and Re-assessment Levels:

Pivotal Levels: s0*

Primary Trend and Target Levels: Gains to T1 and eventually T2

Prevailing Trend and Target Levels: Downside off T1 to S1

Technical Rating: Medium



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