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Analyst Thoughts: Bitcoin Medium-Term

  • Writer: Peet Serfontein
    Peet Serfontein
  • May 27, 2024
  • 1 min read

 THE BULL FLAG PATTERN IS MATURING


  • The overall bullish stance is materialising, as illustrated. The impulsive bull trend from point 0 has further potential to T1 and eventually T2. Gains are likely to be volatile with intermittent corrections as the trend starts to unwind.

  • The expected PK flag pattern is in a mature stage of development but could have another down leg to S1/K* as an interim view adjustment.

  • The W,X,Y type correction off T1 to S1* will still be part of the general bull trend that is expected to be completed around T2.

  • The eventual meaningful downside to S2 and beyond is likely on the completion of the bull trend to the eventual T2 target.


Target and Re-assessment Levels:

Pivotal Levels: K*

Primary Trend: Gains to T1, and eventually to T2 followed by downside to S2*

Prevailing Trend: Ongoing PK* correction

Technical Rating: Medium




 
 
 

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