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  • Writer's picturePeet Serfontein

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


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