Legendary analyst who overthrew the 40th year in the technical analysis Peter BrandtBitcoin 
$111,190.80He announced that he maintained his position after his record recorded on Wednesday with 112 thousand 40 dollars. Brandt, the price of the $ 107 thousand dollars as long as the rise will continue as long as the rise will continue, otherwise the formation will be broken, he said. According to the graph shared by the analyst Expanding reverse triangular formationBased on the targets of 120 thousand 958 and 134 thousand 886 dollars on the table, but if the support line is lost, the scenario may change completely.
Price targets in Bitcoin: Technical Formation Forecasts
In Brandt’s graph, a triangular formation with a broken upper boundary upwardly broken hitting. While the lower trend line of the formation rises, the upper line remains constant and leads to the gradual expansion of the range. This breaks BitcoinIt shows that the narrowing consolidation and gaining acceleration. The experienced analyst calculates that using the vertical height of the triangle to 120 thousand 958 dollars for the rise in the first place, then up to 134 thousand 886 dollars.
However, when we look at the historical examples of the formation, the success rate of the expanding triangles is limited. As the range grows, Valality increases and investor behaviors become unpredictable. According to Brandt, it is therefore possible to reach target levels only by keeping the price in the main rise channel. Otherwise, the formation may become invalid and turn into an unexpected decline formation.
Critical support level in the negative scenario will be 108 thousand 100 dollars
Brandt pointed out that Bitcoin has not been able to pass for a long time to the power of 108 thousand 100 dollars. This threshold was the central line of the price movement in recent months. Now it will act as the first line of defense of buyers. As a result of the formation, the daily closure of less than 107 thousand dollars will invalidate the rise appearance and open the door to deeper correction.
Legendary analyst, the largest crypto currencyThe expectation of rise to the hanging of the $ 107 thousand dollars will be canceled by reiterating the “critical breaking” he said. In such a case, the market will seek a new technical structure and investors will have difficulty finding direction. At the current level, Bitcoin to CoinMarketcap’s data according to He’s changing hands at $ 111 thousand 74. In other words, Brandt’s support is very close to the support, but still at a positive point.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
