CandleFocus Brandt Insists Bitcoin Breakout Not Yet in, Sets Conditions for Real Breakout
2024-10-29
Author: Content Editor
Veteran trader Peter Brandt believes that Bitcoin has not yet experienced a true breakout, despite its recent gains. Brandt points to important structures and price points that Bitcoin must surpass in order to qualify as a legitimate breakout. While Bitcoin's recent push above $71,000 is a positive development, Brandt argues that it falls short of a confirmed breakout. He states that Bitcoin must achieve a daily close above $76,000, ideally confirmed at midnight UTC on a Sunday, in order to provide a strong weekly close and corroborate the upward momentum. Brandt also highlights the challenges of trading diagonal patterns with slanted boundaries, which are prone to false breakouts.
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