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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Medium-Term

A CLASSICAL IMPULSIVE WAVE PRICE ACTION IS UNFOLDING, FOLLOWING A NECESSARY CORRECTION.


  • The optimistic outlook is reinforced by the black price action sequence labelled 1, 2, 3, 4, and 5, with Impulsive Wave 3 currently in progress.

  • However, upon examining the blue price action, also marked 1, 2, 3, 4, and 5, it appears that the price action is engaged in Wave 4, aiming for a price target of approximately 59 800.

  • It is noteworthy that both the black and blue labels for number 4 converge near the same price level of around 59 800, indicating a significant accumulation zone.

  • From this juncture, price gains are anticipated to reach targets of 74 000, 81 200, and ultimately 98 000.



Target and Re-assessment Levels:

Pivotal Levels: 59 800

Primary Trend: Gains to 81 200, and eventually to 98 000

Prevailing Trend: Downside to 59 800

Technical Rating: Medium




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