Advertisement
AD

Main navigation

Veteran Trader Peter Brandt Spots Interesting Bitcoin (BTC) Price Behavior

Advertisement
Wed, 14/06/2023 - 16:10
Veteran Trader Peter Brandt Spots Interesting Bitcoin (BTC) Price Behavior
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Veteran trader Peter Brandt has spotted an interesting occurrence on the Bitcoin daily chart. He notes that four daily candles have closed in the 3/10ths of a percent range. 

Advertisement

Brandt says this is the definition of price equilibrium and calls this "hinge" behavior.

The veteran trader's comments might suggest a balance between bulls and bears, as he points to a price equilibrium. The current price range represents a "hinge," which marks crucial price levels that further advancements or declines depend on.

Meanwhile, as technical factors play out, IntoTheBlock has reported that negative sentiment on Twitter around Bitcoin is reaching new highs. It states the significance of this: historically, big peaks have taken place shortly before or after price bottoms.

Also, as indicated by on-chain analytics firm Santiment, Bitcoin's exchange supply has fallen to its lowest level since February 2018. It was noted that traders continued moving BTC into self-custody during the uncertainty surrounding Binance and Coinbase, expecting this trend to continue if lawsuits remain.

BTC falling wedge playing out

Crypto analyst "Carl from the Moon" believes that the Bitcoin falling wedge pattern remains in play. 

"Bitcoin Falling Wedge is still playing out," he tweeted while predicting a target of $31,000 if Bitcoin breaks to the upside. 

A wedge pattern can form when the price of an asset has been declining over time, right before the trend's last downward movement.

Related

As the price slide loses momentum and buyers enter the market to halt the rate of loss, the trend lines formed above the highs and below the lows on the price chart pattern may converge. The price may break through the upper trend line before the lines merge.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD