Analyst thoughts: Bitcoin Medium-term
ALTERNATIVE VIEW: A LOW CONVICTION WEDGE PATTERN SEEMS TO BE DEVELOPING
Bullish potential to R3 was negated after the sharp bearish break through R1. The alternative medium-term view of a L*M wedge formation has become the preferred outlook.
The LM formation seems incomplete with the possibility of further C,D,E overlapping upside.
Interim upside off S1* to R1 is supported by oversold RSI conditions and is required to confirm the overall stance.
The LM formation remains unconfirmed and is thus a low conviction view.
S1* is the pivotal support for the illustrated view and the last bastion of hope for any bullish case.
Target and Re-assessment Levels:
Pivotal Levels: L* and S1*
Primary Trend and Target Levels: L*M overlapping gains, followed by a bear trend to S3
Prevailing Trend and Target Levels: Gains to R1
Technical Rating: Low