​Analyst Peter Brandt finds a rare reversal pattern on the BTC chart

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What’s new? Analyst Peter Brandt discovered a rare reversal pattern called “megaphone” or “inverted symmetric triangle” on the bitcoin price chart. According to Brandt’s analysis, BTC touched the diagonal resistance line twice, the second time on March 14 at $25 928. In this, the asset traditionally begins to grow after the third attempt to break through the diagonal.

This is called a megaphone or inverted symmetric triangle pic.twitter.com/pCsVUOt8OG — Peter Brandt (@PeterLBrandt) March 14, 2023

A megaphone pattern, which is also known as a broadening formation, is a bullish technical structure usually seen after a sharp downward movement.

What else did Brandt write? On March 14, bitcoin hit a high of 2023 at $26 507 but then corrected. So, as of March 15, 12:25 UTC, the first cryptocurrency is trading at $24 540, down by 0,6% in 24 hours, according to Binance. Brandt sees the correction as evidence that the megaphone pattern is working, and is not surprised that bitcoin did not continue to rise after reaching a local high.

Not surprised 26,000 rejected advance pic.twitter.com/nUQkNAtI1t — Peter Brandt (@PeterLBrandt) March 14, 2023

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.

Earlier, Brandt called one of the most common mistakes of beginners in trading. It lies in the assumption that the end of a bear phase is in itself a signal for the beginning of a bull market. In January, he speculated that BTC could rise above $30 000 by the second quarter of 2023 as part of the “inverse head and shoulders pattern.”

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That same month, Brandt stated that the “double walled fulcrum” pattern indicates that the first cryptocurrency bottomed reached the bottom. According to the analyst, a breakout from this pattern would lead to a rise above $25 000.

In February, the analyst found similarities on the BTC price chart with the events of 2019. According to Brandt, “price walls” patterns significant for the first cryptocurrency were also formed then.