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  • Writer's picturePeet Serfontein

Analyst thoughts: Bitcoin Medium-term

VIEW RETAINED FOR A CONTINUATION WEDGE PATTERN BETWEEN 32 450 AND 25 900.

  • The medium-term view of a L*M wedge pattern remains the preferred outcome.

  • The test and reversal off M has not been impulsive. A definitive breach of R0* is required to confirm the illustrated phase C gains to L*.

  • 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 downside to S2 and S3.

  • A breach of L* will negate the LM defined outlook.

Target and Re-assessment Levels:

Pivotal Levels: R0* and S1*

Primary Trend and Target Levels: L*M overlapping gains, followed by a bear trend to S3

Prevailing Trend and Target Levels: R0*/M ranging

Technical Rating: Medium


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