Brandt Warns Recent Rally Didn’t Break Bearish Structure
The post Brandt Warns Recent Rally Didn’t Break Bearish Structure appeared on BitcoinEthereumNews.com.
Veteran trader Peter Brandt recently highlighted that the latest Bitcoin rally failed to reverse the longer-term bearish structure of lower highs and lower lows. Despite the brief surge, Brandt points out that Bitcoin still hasn’t broken the levels necessary to confirm a trend reversal. According to him, a major bullish shift will only occur if Bitcoin can close above $71,000 and establish a new all-time high. The accompanying chart reveals that BTC has been in a consistent downtrend for over seven months. This pattern features lower highs and lower lows—a signal of ongoing bearish sentiment. Bitcoin Resistance Levels to Watch Brandt identifies two major resistance levels on the weekly chart that Bitcoin price has been unable to surpass. The first is around $70,602, while the second, a higher resistance, sits at $73,808, the current all-time high. Bitcoin 1W Chart | Peter Brandt These levels have acted as major barriers to upward momentum, halting Bitcoin’s advance on multiple occasions. Without breaking through these levels, the market is likely to continue in its consolidation phase. Brandt emphasized that while the recent rally gave some hope, it did not disturb the sequence of lower highs that have defined Bitcoin’s price action for months. He argues that a true reversal in momentum would only occur if Bitcoin breaks past $71,000 and confirms an ATH. The market veteran suggests that anything short of that is simply another move within the prevailing bearish framework. BTC MAs Suggest Caution Further, the 8-week simple moving average (SMA), currently around $60,526, serves as support. Bitcoin’s price has been hovering near this moving average, indicating a lack of clear direction. Meanwhile, volatility, as measured by the Average True Range (ATR), remains moderate. The ATR value of 5,756 indicates that while the market is still capable of significant moves, it hasn’t…
Filed under: News - @ October 2, 2024 6:06 am