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