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
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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.
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