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Cryptocurrency News Articles
Peter Brandt Breaks Silence on Bitcoin (BTC) Price Action, Says Bull Flag Controversy Is Irrelevant
Sep 26, 2024 at 12:57 am
Peter Brandt, considered by many to be a legend and veteran trader on the financial markets, has broken his silence on the price action of the major cryptocurrency
Many traders on financial markets follow the footsteps of Peter Brandt, who is considered by many to be a legend and veteran. Now, Brandt has finally shared his thoughts on the price action of the major cryptocurrency, Bitcoin (BTC).
More precisely, Brandt noticed the controversy around a possible bull flag forming on BTC's price chart. The controversy began when Brandt himself once claimed that this pattern could not be as long as it is now on the cryptocurrency's chart.
If we take a closer look at Bitcoin's price movement, we can see how a possible bull flag began forming in March 2824, after reaching a new all-time high, and continues to form until now, i.e., for the sixth month in a row.
Now, @PeterLBrandt shares an excerpt from a classical charting book that says a bull flag can't go on for this long.
According to Brandt, a bull flag cannot take that long to form, as one of the disputants mentioned. Here, the trader himself entered the debate and said that it was true.
However, Brandt clarifies that this formation could be a bearish channel that, once violated, could resume a longer-term bullish trend.
This statement makes it irrelevant whether the formation on the Bitcoin price chart is a bullish flag or just a bearish channel where the price is going down. Success for bullish traders depends on whether BTC can overcome the upper boundary of the range it has been trading in for the past six months.
Currently, this dynamic resistance is around $68,500 - less than 10% away from the current Bitcoin price.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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