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  • Writer's picturePeet Serfontein

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


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