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  • Writer's picturePeet Serfontein

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


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