Veteran analyst and crypto trading legend Peter Brandt says that Bitcoin (BTC) is currently printing a structure that is seldom seen in any market.
Brandt, who gained a legendary reputation in the crypto space after nailing the collapse of BTC in 2017, says BTC is currently exhibiting inside a rare reversal pattern.
“This is called a megaphone or inverted symmetric triangle.”
Source: Peter Brandt/Twitter
A megaphone pattern, which is also known as a broadening formation, is a bullish technical structure typically seen after a sharp downward move. The asset traditionally breaks out after the third attempt to breach the diagonal resistance.
Looking at Brandt’s chart, it appears that Bitcoin has so far touched the diagonal twice, suggesting that BTC bulls need at least one more
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!