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  • Writer's picturePeet Serfontein

Analyst thoughts: Bitcoin Medium-term

VIEW RETAINED FOR A PROTRACTED WEDGE PATTERN BETWEEN 32 350 AND 25 200.

  • 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 off M/S1* has confirmed 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 bastion of 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


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