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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Medium-Term

THE BULL TREND IS UNWINDING, WHICH IS CAUSING VOLATILE GAINS


  • The prevailing bullish outlook remains intact, suggesting that the upward momentum initiated at point A harbours additional potential, as demonstrated. However, anticipate that subsequent advances may exhibit volatility, punctuated by periodic adjustments as the trend gradually unwinds.

  • The anticipated retracement from Resistance 1 (R1) has successfully reached Support 1 (S1**).

  • The ongoing interaction between R1 and S1** may be developing into an RS flag pattern, potentially setting the stage for subsequent upward movements toward Target 1 (T1).

  • A corrective phase, categorized as an x, y, z-type correction, moving from T1 back to S1**, is expected to remain within the bounds of the overarching bullish trend, which aims to culminate at Target 2 (T2).

  • After reaching T2, a significant pullback to Support 2 (S2*) is anticipated.

  • Support 1 (S1**) serves as a critical juncture, underpinning the overall bullish sentiment.



Target and Re-assessment Levels:

Pivotal Levels: 59 800

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

Prevailing Trend: A consolidation between 59 800 and 74 000

Technical Rating: Medium




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