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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Medium-Term

THE OVERBOUGHT PRICE CONDITION COULD POTENTIALLY LEAD TO A SHORT-TERM CORRECTION.


  • The overall bullish stance remains valid.

  • The impulsive 1,2,3,4,5 bull trend has reached T2, as expected.  

  • There is an increasing probability of a meaningful A,B,C correction off the T2/T3 area to S1 and S2*. 

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

  • The correction view finds confirmation in the highlighted overbought and diverging RSI market, as well as the importance of the T2 resistance area.

  • 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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