2024

Bitcoin

when

Epic

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Veteran Trader <a href="https://u.today/veteran-trader-peter-brandt-speaks-out-on-bitcoin-price-rally">Peter Brandt</a> has recently highlighted an intriguing price pattern emerging for Bitcoin (BTC). In a recent tweet, Brandt shared his perspective on charting and pointed out that Bitcoin’s price action was displaying an inverted, or expanding, triangle pattern.
Brandt revealed his disciplined approach to trading, saying, "I do not trade opinions. I trade set-ups via classical charting principles. I avoid trades when price is range bound. My entry is on completed patterns."
"BTC displays what is known as an inverted or expanding triangle," <a href="https://x.com/PeterLBrandt/status/1822970661972676770">Brandt</a> added.
<blockquote>
 Perspective on chartingI do NOT trade opinions. I trade set-ups via classical charting principles. I avoid trades when price is range bound. My entry is on completed patterns. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> displays what is known as an inverted or expanding triangle. No breakout yet so no trade. <a href="https://t.co/xHYxJMpBP1">pic.twitter.com/xHYxJMpBP1</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1822970661972676770?ref_src=twsrc%5Etfw">August 12, 2024</a>
</blockquote> 
A triangle is a chart pattern depicted by trendlines along a converging price range, indicating a pause in the prevailing trend. Technical analysts categorize triangles as continuation patterns of an existing trend or a reversal.
<a href="https://u.today/3-key-reasons-why-bitcoin-btc-dropped-below-58000">Bitcoin (BTC)</a>, the largest cryptocurrency by market capitalization, experienced a sell-off during Sunday's trading session. The selling continued, with Bitcoin touching an intraday low of $57,663 on Monday.
At the time of writing, BTC had dropped 2.09% in the previous 24 hours to $59,450, down from a high of $62,755 on Thursday.
<h2 id="here-s-the-warning-part">Here's the warning part</h2>
While the expanding triangle pattern on <a href="https://u.today/bitcoins-death-cross-looms-on-weekly-chart-as-btc-price-falls-below-23k">Bitcoin’s chart</a> is noteworthy, Brandt issued a warning: "No breakout yet so no trade."
Despite the triangle pattern being a continuation pattern, traders are often urged to look for breakouts before they make a move to enter or exit a position.
This is because, in technical analysis, a breakout from a pattern often signifies the start of a new trend, but until that breakout occurs, the direction of the move remains speculative.
The expanding triangle pattern suggests that Bitcoin might be gearing up for a potentially significant move, but without a confirmed breakout, the direction of that move remains unknown.
The caution from Peter Brandt highlights the importance of patience and not making hasty decisions but rather waiting for confirmation before entering a trade.

Bitcoin Epic Price Pattern Spotted by Peter Brandt, But There's a Warning

Table of Contents

U_Today

Other articles published on Aug 12, 2024

Since Embracing Bitcoin 4 Years Ago, Michael Saylor's MicroStrategy Has Outperformed Warren Buffe...

Whale continues $154M dumping spree with 5K ETH deposit to OKX

Crypto: BlackRock’s Ethereum ETF is about to reach $1 billion in inflows

WazirX Hack: Unocoin founder urges users to invest only 20% in crypto

Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conf...

Can PEPE Really Rally 33% This August?

Join our free newsletter for daily crypto updates!