Peter Brandt, Bitcoin While expressing their concerns about the future course of the price, it created uneasiness among investors. Brandt shared a price chart that points to a right-angled expanding triangle formation, which heralds a downward reversal.
Known for his experience in the trading world, Brandt emphasized the reliability hierarchy of charts. Its bet is on the completion of the right-angled expanding triangle, a pattern characterized by two distinct lines with support as a horizontal line and resistance as an oblique uptrend. based on.
General rule
Weekly chart more reliable than daily chart
Daily chart more reliable than intraday chart
Chart patterns fail more often than they work
Bitcoin has completed a right angled broadening triangle
Negated above 42,400 $BTC pic.twitter.com/oLI3rFZOHN— Peter Brandt (@PeterLBrandt) January 22, 2024
NEWS CONTINUES BELOW
This formation, which is generally known to reflect increasing investor anxiety and indecision, sometimes traps investors. The formation of a right-angled expanding triangle typically follows an upward move. In the case of Bitcoin, this move Bitcoin ETF This occurred before the decision and the significant decline in quotes due to Grayscale’s massive sell-off.
Although the triangle appears to be a reversal formation, in Brandt’s opinion, this formation may indicate a lack of buyers to continue the upward move. As a result, he predicts further declines in Bitcoin’s price unless a significant threshold is exceeded. The trader also commented that the bearish forecast may be invalid if BTC manages to rise above the $42,400 level.
In a market dominated by uncertainty, Brandt’s warning adds a layer of caution for investors. However, amidst the concerns, there is a glimmer of hope tied to the crucial level.