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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Medium-Term

VIEW RETAINED FOR AN IMPULSIVE BULLISH TREND AFTER A TEMPORARY CORRECTION.


  • The overall bullish stance from point 0 remains valid.

  • The impulsive 1,2,3,4,5 bull trend has reached the initial target T1 and could extend to T2.

  • The interim view is for a medium-term top around T2, followed by a bearish correction to S1 and S2*.

  • The longer-term outlook is for further eventual up-side to T3 on completion of the A,B,C correction, due to the impulsive nature of the gains from 0.

  • The price action is becoming overbought (highlighted)

  • S2* is the pivotal longer-term level.

 

Target and Re-assessment Levels:

Pivotal Levels: S2*

Primary Trend and Target Levels: Gains to T2 and eventually T3

Prevailing Trend and Target Levels: Downside off T2 to S2*

Technical Rating: Medium



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