Analyst thoughts: Bitcoin Medium-term
VIEW RETAINED FOR A LOW CONVICTION WEDGE PATTERN DEVELOPING BETWEEN 25 200 AND 32 200.
The medium-term view of an 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 unconfirmed and is of a low conviction view.
S1* is the pivotal support for the illustrated view and the last hope for the bullish case. A definite break through this level will activate the downside to S2 and S3.
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 off S1* to R1
Technical Rating: Low