Analyst Peter Brandt calls one of the most popular mistakes of crypto traders
The expert named the technical analysis pattern, the violation of which precedes the growth of quotations of digital assets
31.10.2022 - 09:00
385
2 min
0
What’s new? Analyst Peter Brandt called one of the most common mistakes made by novices in the field of crypto trading. It lies in the assumption that an end of a bear phase is itself a signal for the beginning of a bull market. According to Brandt, more often than not, this opinion is wrong. In his Twitter account, the expert explained what sign actually precedes the growth of quotations of digital assets.
A common mistake made by novice and wanna-be traders is assuming that an end to a bear phase of a market is automatically a signal that a bull market has begun. This assumption is most often wrong https://t.co/Ib2T86Md0n— Peter Brandt (@PeterLBrandt) October 30, 2022
What else did Brandt write? The analyst said that the signal for the end of the downturn in the crypto market is a violation of the technical analysis pattern called a bear channel. As an example, Brandt cited the change in Dogecoin (DOGE) quotes at the end of 2021. At that time, a bear channel upside violation ended the decline phase of the cryptocurrency market.
The bear channel reflects the downtrend direction. The graphical figure of the channel is formed by two parallel lines connecting the price minimums and maximums of an asset, respectively.
Who is Peter Brandt? He is a cryptocurrency analyst and trader who has been working in the financial markets for more than 40 years. He is the creator of Factor Trading, a service that provides expert reports and analysis of asset value charts.
Brandt previously predicted bitcoin to fall to $13 000 before a new all-time high. The expert believes that the first cryptocurrency will reach this mark in early 2023, and for the next year and a half will not show impressive indicators.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 088
BTC
+0.6%
-
Ethereum
$3 297.48
ETH
-1.47%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.4
XRP
+24.17%
-
Dogecoin
$0.395761
DOGE
+1.91%
-
Cardano
$0.894361
ADA
+12.11%
-
Bitcoin Cash
$477.83
BCH
-3.47%
-
Stellar XLM
$0.289289
XLM
+19.47%
-
Polkadot
$6.03
DOT
+1.79%
-
Litecoin
$89.7
LTC
-0.65%