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  • Writer's picturePeet Serfontein

Analyst Thoughts: Bitcoin Medium-Term

VOLATILE GAINS AS THE BULL TREND UNWINDS


  • The overall bullish trend is becoming evident, as demonstrated. The vigorous uptrend beginning at point 0 is projected to continue towards Target 1 (T1) and ultimately Target 2 (T2). However, expect this growth to be marked by volatility and periodic corrections as the trend evolves.

  • The anticipated LM flag pattern is emerging and is likely to lead to further advances towards T1.

  • The XYZ-type correction from T1 to Support 1 (S1) will remain within the overall bullish framework, with the trend projected to culminate around T2.

  • A significant decline to Support 2 (S2) is anticipated upon the completion of the bull trend at T2, while Support 1 (S1) continues to be crucial for maintaining the generally bullish outlook.



Target and Re-assessment Levels:

Pivotal Levels: 59 800

Primary Trend: Gains to 81 200, and eventually to 98 000 followed by downside to 48 000

Prevailing Trend: A consolidation between 59 800 and 74 000

Technical Rating: Medium




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