Analyst thoughts: Bitcoin Medium-term
VIEW RETAINED FOR A WEDGE PATTERN THAT IS DEVELOPING BETWEEN 25 200 AND 32 350.
The medium-term view of a L*M wedge pattern remains the preferred outcome.
The LM pattern seems incomplete with the possibility of further C, D, E overlapping upside. The recent test and reversal of M/S1* have strengthened this outcome.
Interim gains to R1 and L* will potentially form phase C, followed by downside to M again.
S1* remains pivotal support for the illustrated view and the last hope for the bullish case. A definite break at 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: Medium