Over the past few days, Bitcoin has made relatively modest gains, and this is being followed closely by many players in the cryptocurrency market. However, famous market expert Peter Brandt made this situation even more interesting by sharing important indicators that point to Bitcoin’s upward potential.
Brandt used a chart containing both the Average Directional Index (ADX) and the H&S (Head and Shoulders) formation to support his analysis. ADX is an indicator that measures the trend strength of an asset, and this indicator marks an extremely important turning point for Bitcoin.
Hey @RaoulGMI
Bitcoin $BTC
Lowest ADX reading since July 2020
Second retest of underlying H&S bottom
Small 6-week inverted H&S is possible now
Might the bull be awoken? Thoughts? pic.twitter.com/5WLTsTUP8v— Peter Brandt (@PeterLBrandt) September 28, 2023
NEWS CONTINUES BELOW
A low ADX value may indicate that the market is at the beginning or end of a trend. The current low ADX reading could signal the beginning of a long-term uptrend for Bitcoin. Brandt interpreted this situation as the possibility of BTC bulls waking up.
Brandt confirmed this suspicion with a second retest of the H&S (Head and Shoulders formation) base. This technical nuance suggests one thing: There is a revival in Bitcoin price that is worth watching for market watchers.
John Bollinger, the inventor of Bollinger Bands, has another thesis suggesting that a similar upward wave may begin. shared.
According to the chart shared by the market expert, there is a two-bar reversal in the lower Bollinger Band of the BTC/USD pair, as shown above. And this can still be considered the dominant controlling technical factor. It is also noteworthy that the pattern was formed earlier this month. While John Bollinger agrees that this indicator is a basis for seeing Bitcoin price rise towards the upper Bollinger Band, it will become clear that more strength may emerge as more intense buying emerges.
You can follow the current price movement here.