Analyst thoughts: Bitcoin Medium-term
VIEW RETAINED FOR A CONTINUATION WEDGE PATTERN BETWEEN 32 450 AND 25 700.
The medium-term view of an L*M wedge pattern is materialising as the preferred outcome. This formation was further confirmed by the recent test and reversal of M.
Interim gains to R2 and L* will potentially form phase C, followed by downside to M again.
The wedge pattern remains incomplete with further overlapping moves to complete phases D and E.
S1* remains pivotal support for the illustrated view. A definite break through this level will activate the downside to S2 and S3. A breach of L* will negate the LM-defined outlook.
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