{"id":635122,"date":"2024-08-13T20:00:36","date_gmt":"2024-08-13T20:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=635122"},"modified":"2024-08-13T12:17:49","modified_gmt":"2024-08-13T12:17:49","slug":"bitcoin-flashes-inverted-triangle","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-flashes-inverted-triangle\/","title":{"rendered":"Bitcoin Flashes Inverted Triangle, Analyst Peter Brandt Explains What This Means"},"content":{"rendered":"

Veteran crypto analyst, <\/span>Peter Brandt<\/span><\/a> has uncovered an inverted or expanding triangle pattern in <\/span>Bitcoin (BTC)<\/span><\/a>. Utilizing classical charting principles, Brandt analyzes the technical pattern formation, highlighting its potential impact on <\/span>Bitcoin\u2019s price trajectory<\/span><\/a>.<\/span><\/p>\n

What Bitcoin\u2019s Inverted Triangle Pattern Means<\/h2>\n

On August 12, Brandt took to X (formerly Twitter) to <\/span>shed light<\/span><\/a> on a recent pattern formation in Bitcoin\u2019s price chart. Sharing a price chart illustrating Bitcoin\u2019s price movements from May 2023 to November 2024, the analyst identified a unique inverted or <\/span>expanding Triangle pattern in Bitcoin<\/span><\/a>.<\/span><\/p>\n

Related Reading: Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy<\/a><\/div>\n
\"Bitcoin\"
Source: X<\/figcaption><\/figure>\n

Usually, <\/span>triangle-like shape patterns<\/span><\/a> on the Bitcoin chart can indicate either a continuation or a <\/span>reversal for Bitcoin\u2019s price movements<\/span><\/a>. The pattern depicted in Brandt\u2019s post features two descending trend lines that are diverging from one another.\u00a0<\/span><\/p>\n

Brandt explains that while this pattern could be misconstrued as a <\/span>bullish signal<\/span><\/a>, the absence of a breakout means he would not be making any trades at this time. He emphasized that he does not make trades based on opinions but on established <\/span>chart patterns<\/span><\/a>.\u00a0<\/span><\/p>\n

The crypto analyst further mentioned that he avoids trading when a price is range-bound without a clear trend and only enters trades when a pattern is completed.\u00a0\u00a0<\/span><\/p>\n

After Brandt described Bitcoin\u2019s chart pattern as an inverted or expanding triangle, a crypto member proposed that it could be better described as a \u201cdescending broadening wedge.\u201d Brandt responded by explaining that despite the variety of names for patterns, he prefers to use the terminology established by Schabacker, Magee, and Edwards, who are regarded as the founders of classical charting.\u00a0<\/span><\/p>\n

Concurring with Brandt\u2019s view that \u201cno breakout yet, so no trade,\u201d a crypto community member noted that <\/span>Bitcoin has been in a hold position<\/span><\/a> for over a year, suggesting that it may not be the right time to trade. Brandt agreed but emphasized that, as a trader, he prioritizes risk management and prefers not to go against his established trading strategies.\u00a0<\/span><\/p>\n

A final crypto member suggested that the inverted or expanding triangle pattern in Bitcoin may be a \u201cbullish megaphone or bull flag.\u201d Brandt responded by clarifying that, while some might label the pattern as a <\/span>bull flag<\/span><\/a>, it does not align with the definitions set by the founders of classical charting.\u00a0<\/span><\/p>\n

Insights On Brandt\u2019s Classical Charting Principles<\/h2>\n

In a more recent <\/span>X post<\/span><\/a>, Brandt discussed in detail the effectiveness of using classical chart patterns for trading. He revealed that once <\/span>classical chart patterns<\/span><\/a> are identified, they are resolved in three distinct ways.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Return To $4,000: Key Zones And Price Levels To Watch<\/a><\/div>\n

Brandt noted that these patterns often morph into something unexpected 50% of the time, failing to follow initial predictions. He added that 25% of the time, classical chart patterns breakout in the anticipated direction but then fail to sustain movement, leading to a reversal or loss. Lastly, in the remaining 25% of cases, the patterns break out as predicted and move towards the projected target, fulfilling the anticipated scenario.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price below $59,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Veteran crypto analyst, Peter Brandt has uncovered an inverted or expanding triangle pattern in Bitcoin (BTC). Utilizing classical charting principles, Brandt analyzes the technical pattern formation, highlighting its potential impact on Bitcoin\u2019s price trajectory. What Bitcoin\u2019s Inverted Triangle Pattern Means On August 12, Brandt took to X (formerly Twitter) to shed light on a recent pattern formation in Bitcoin\u2019s price chart. Sharing a price chart illustrating Bitcoin\u2019s price movements from May 2023 to November 2024, the analyst identified a unique inverted or expanding Triangle pattern in Bitcoin. Related Reading: Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy Usually, triangle-like shape patterns on the Bitcoin chart can indicate either a continuation or a reversal for Bitcoin\u2019s price movements. The pattern depicted in Brandt\u2019s post features two descending trend lines that are diverging from one another.\u00a0 Brandt explains that while this pattern could be misconstrued as a bullish signal, the absence of a breakout means he would not be making any trades at this time. He emphasized that he does not make trades based on opinions but on established chart patterns.\u00a0 The crypto analyst further mentioned that he avoids trading when a price is range-bound without a clear trend and only enters trades when a pattern is completed.\u00a0\u00a0 After Brandt described Bitcoin\u2019s chart pattern as an inverted or expanding triangle, a crypto member proposed that it could be better described as a \u201cdescending broadening wedge.\u201d Brandt responded by explaining that despite the variety of names for patterns, he prefers to use the terminology established by Schabacker, Magee, and Edwards, who are regarded as the founders of classical charting.\u00a0 Concurring with Brandt\u2019s view that \u201cno breakout yet, so no trade,\u201d a crypto community member noted that Bitcoin has been in a hold position for over a year, suggesting that it may not be the right time to trade. Brandt agreed but emphasized that, as a trader, he prioritizes risk management and prefers not to go against his established trading strategies.\u00a0 A final crypto member suggested that the inverted or expanding triangle pattern in Bitcoin may be a \u201cbullish megaphone or bull flag.\u201d Brandt responded by clarifying that, while some might label the pattern as a bull flag, it does not align with the definitions set by the founders of classical charting.\u00a0 Insights On Brandt\u2019s Classical Charting Principles In a more recent X post, Brandt discussed in detail the effectiveness of using classical chart patterns for trading. He revealed that once classical chart patterns are identified, they are resolved in three distinct ways.\u00a0 Related Reading: Ethereum Return To $4,000: Key Zones And Price Levels To Watch Brandt noted that these patterns often morph into something unexpected 50% of the time, failing to follow initial predictions. He added that 25% of the time, classical chart patterns breakout in the anticipated direction but then fail to sustain movement, leading to a reversal or loss. Lastly, in the remaining 25% of cases, the patterns break out as predicted and move towards the projected target, fulfilling the anticipated scenario.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":635194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-635122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Flashes Inverted Triangle, Analyst Peter Brandt Explains What This 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Flashes Inverted Triangle, Analyst Peter Brandt Explains What This Means","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-flashes-inverted-triangle\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-flashes-inverted-triangle\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin-price.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin-price.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-08-13T20:00:36Z","datePublished":"2024-08-13T20:00:36Z","dateModified":"2024-08-13T20:00:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Flashes Inverted Triangle, Analyst Peter Brandt Explains What This Means\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-flashes-inverted-triangle\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-flashes-inverted-triangle\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-price.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-price.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-08-13T20:00:36Z\",\"datePublished\":\"2024-08-13T20:00:36Z\",\"dateModified\":\"2024-08-13T20:00:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin-price.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/635122"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=635122"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/635122\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/635194"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=635122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=635122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=635122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}