Experienced trader and analyst Peter Brandt made remarkable statements about why Bitcoin (BTC) sold at $ 26 thousand and the technical formation it is in.
Peter Brand recently in your postwhy the price of bitcoin 26 thousand dollars He has published a clear technical formation, which will also make it clear that he is back from the band. Known to many traders but rarely encountered on Bitcoin chart “megaphone” or otherwise “inverted symmetrical triangle” Pointing out that the formation is formed, the analyst also included possible future scenarios.
Yesterday 26 thousand dollars bEmphasizing that the reaction at the moment confirms that Bitcoin is in the formation of the megaphone in question, the analyst said, not surprised by this expressed.
The megaphone pattern, also known as the broadening pattern, is typically seen after a sharp downward move. uptrend is the structure. The entity has traditionally been primarily used to overcome diagonal resistance. touches the upper resistor three times and the fourth time the break occurs.
Looking at Brandt’s chart, it seems that Bitcoin has touched the upper resistance three times so far, which means the next upside move may result in breakdown means. At the same time, the megaphone formation high volatility and unstable market direction It is important for investors to be aware of its meaning. Of course, as in all technical indicators, there is a margin of error here and investors manage its risks accordingly needs.
According to CoinGecko data, in the last 24 hour time frame 3.7% BTC, which lost value, at the time of writing the news from $24,941 is being traded.
