Analyst thoughts: Bitcoin Medium-term
VIEW RETAINED FOR THE DEVELOPMENT OF LOW CONVICTION (25 200 TO 32 200) WEDGE PATTERN
The medium-term view of a L*M wedge pattern remains the best alternative outcome.
The LM pattern 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 pattern is still an unconfirmed formation and thus a low conviction view.
S1* is the pivotal support for the illustrated view and the last bastion of hope for any bullish case. A definite break through this level will activate downside to at least S2.
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