Peter Brandt is a veteran trader who has gained legendary status for correctly predicting the Bitcoin crash of 2017. He believes BTC will surge, and that its long-term correction can be ended.
Brandt writes in a blog that he has opened long positions on Bitcoin, as he believes BTC is preparing to emerge from its megaphone formation.
If the price breaks through its diagonal resistance, then this technical pattern can be seen as a continuation bullish pattern.
Brandt believes that Bitcoin is bullish following the breakout of an inverse Head and Shoulders pattern from within a larger Megaphone formation.
The dominant chart structure on the weekly graph consists of a 5-month widening triangle, or megaphone. There could be an upcoming major breakout.
On the daily chart, there is a potential completed head-and-shoulders that may be part of a larger congestion. I purchased a position of 2.7 BTC with a 40-basis point risk and placed a protective stop below Friday’s lowest price. This is a position that anticipates a larger break out .”
Inverse head-and-shoulders patterns indicate that traders do not wait for prices to return to recent lows in order before they accumulate. According to the trader, BTC is likely to break free from its large megaphone pattern once it reaches $72,000.
Brandt said last week to his 736.200 social media followers that Bitcoin is uncertain so long as the price trades in the megaphone pattern.
No declaration of the next trend yet BTC.” BTC .” No announcement of the next BTC trend.
Bitcoin was trading at $63,046, a decrease of over 1% for the day.
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The post Legendary trader Peter Brandt Turns Bullish on Bitcoin and Says a Major BTC breakout could be pending may change as new information becomes available.
