In a recent tweet, prominent trader Peter Brandt claims that the flagship cryptocurrency Bitcoin (BTC) is in the process of forming an ascending wedge pattern. The negative warning comes as the top coin struggles to break above the $24,000 level after recording the best month of the year in July. Here are the details…
This formation on the Bitcoin chart scared me
At the time of writing, BTC is trading just above $24,000. The ascending wedge is a bearish chart pattern that tends to appear during downtrends. The bearish flag pattern is formed when two trend lines converge when the trading range narrows after a series of high lows and highs. It is worth noting that the ascending wedge formation is often viewed as a bearish indicator that appears on the verge of a potential price breakout. However, there are some caveats. As Brandt points out, most emerging trading patterns eventually form something else.
Therefore, there is no guarantee that the ascending wedge pattern will be completed. In a separate tweet, Brandt claims Bitcoin is a “religion” and is investigating the cult community behind the biggest cryptocurrency. cryptocoin.com As we reported, veteran chartist recently noted that the Shiba Inu cryptocurrency has completed a head-and-shoulder model. The second largest meme coin believes it is currently in an uptrend.
BTC price appreciated
Bitcoin briefly touched a two-month high on Sunday amid a broader market recovery in US equities last week. This was mainly influenced by the US Federal Reserve’s (FED) rate hike and positive fundamental inflation data. The major crypto price surged as much as 4% to $25,212 during the intraday trading period earlier in the week. It brought the day closer to its opening price of about $24,324. Bitcoin is currently changing hands for $24,025, the former $24,000 wick bottom support area seen on May 9.
Two key inflation figures released by the U.S. Bureau of Labor Statistics last week have helped boost stocks, which are moving relatively at the same pace as crypto, as investors bet that inflation is falling. The consumer price index (CPI) was reported to be stable on a monthly basis from June to July, meaning that the prices of goods remained unchanged.
That, coupled with the revelation that the producer price index (PPI) dropped 0.5 percent last month, continued to help boost stock markets as the Nasdaq entered its fifth consecutive week. The US Fed, the nation’s central bank tasked with fighting inflation, hiked interest rates by 75 basis points, or three-quarters, last month, following a similar move in June.
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