U.Today – Peter Brandt, an experienced trader widely known for his technical analysis, recently published an essential update on the ongoing price action.
Noting that BTC remains trapped in a series of lower highs and lows, Brandt noted that only a close above the July highs will officially break this pattern and end the six-month expanding triangle that has formed. He believes that until this point is reached, the pattern will continue to apply.
It is worth noting that at the time of Brandt’s assessment, the value of Bitcoin (BTC) was $63,695. Just 24 hours later, the price rose to $66,200, raising concerns among some observers. Some wondered whether this price change would change the way traders think about the most popular cryptocurrency.
Still, Brandt said bitcoin still needs to break the July high of $70,000, which would require another 5.5% gain to nullify a series of lower highs and lows. This is despite the fact that BTC has already gained 12% since the beginning of September.
Bitcoin megaphone
In his latest technical analysis, Brandt highlights the importance of the expanding triangle, or megaphone, pattern that continues to influence the Bitcoin price chart. This bullhorn pattern is a pattern that typically signals increasing volatility and broader price swings.
This was perfectly consistent with BTC’s behavior over the past few months, keeping traders on the edge of their seats as the price action unfolded.
Meanwhile, the August low at $49,000 is a key support level that continues to provide a focal point for loss risk.
It is still up for debate whether Bitcoin will go higher or retest its previous lows, but it is clear that bulls have the advantage for now – as long as the price remains well above critical support.
