Cryptocurrencies Weekly Report – 27 May 2024
CRYPTOCURRENCIES: BITCOIN (Daily)
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The overall bullish stance is materializing, as illustrated. The impulsive bull trend from point 0 has further potential to T1 and eventually T2. Gains are likely to be volatile with intermittent corrections as the trend starts to unwind.
- The expected PK flag is in a mature stage of development, but could have another down leg to S1/K* as an interim view adjustment.
- The WXY type correction off T1 to S1* will still be part of the general bull trend that is expected to be completed around T2.
- Eventual meaningful downside to S2 and beyond is likely on completion of the bull trend to the eventual T2 target.
Target and re-assessment levels
| Pivotal levels | K* |
| Primary trend | Gains to T1 and eventually T2, followed by downside to S2* |
| Prevailing trend | Ongoing PK* correction |
| Technical rating | Medium |
CRYPTOCURRENCIES: BITCOIN (4 Hourly)
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The previous view of WXY gains to R1, has transpired.
- The WXY gains has been corrective and seems complete. The outlook therefore remains for ABC downside to S1* and S2.
- These interim moves is likely part of the larger LK flag consolidation that should eventually give way to a bull trend to T1.
- A breach of R1* will signal the end of the LK consolidation and activate gains to T1.
- S1* is the short term important level for the illustrated ABC downside to S2.
Target and re-assessment levels
| Pivotal levels | R1* and S1* |
| Primary trend | Gains off S2 to T1. |
| Prevailing trend | Downside to S1* |
| Technical rating | Medium |
CRYPTOCURRENCIES: ETHEREUM (Daily)
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The illustrated bull trend to TA2 is ongoing with volatile swings and corrections, and the illustrated view is retained.
- The PK wedge completion at K/S1* has resulted in expected sharp gains to SM, as part of the ongoing bull trend.
- Current upside could target T1, followed by a meaningful correction to at least R0
- The final bullish target over time is TA2, where the long term bull trend counts complete.
- SM is the important level for the immediate upside potential.
Target and re-assessment levels
| Important levels | SM |
| Primary trend | Volatile gains to T1 and TA2 over time. |
| Prevailing trend | Gains to T1. |
| Technical rating | Medium to high |
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Red Line: “Roadmap” – A visual representation of proba-ble future price action. A perforated red line suggest various proba-ble outcomes with the perforated line being
Blue Line: Trend Lines that constitute important sup-port / resistance or break levels
TA – Target area
MA – Moving average
R – Resistance
RA – Resistance area
MR – Minor Resistance
MS – Minor Support
MTR – Medium Term Resistance
MTS – Medium Term Support
SA – Support Area
S – Support
T – Target
* or ** – Significance of level