Veteran trader with more than 40 years of trading experience, Peter Brandt, has recently aired what he has to say regarding the price trend of Bitcoin. There, he stressed the reasons to believe that the current correction in Bitcoin could hold.
Bitcoin, the largest cryptocurrency by market capitalization, has not had outstanding performance in terms of price trend since its last bullishness. The digital currency, due to its sovereignty in the market, led virtually all other digital tokens into a price uptrend that seemed unstoppable.
But only retained its position above $9,000 resistance for a couple of hours on two occasions, before embarking on its usual price retracement it presently maintains.
Peter Brandt Shares Reasons to Believe Current Retracement in Bitcoin Could Hold
Peter Brandt studied the Bitcoin price trend using a chart. He then shared via his Twitter handle the reasons to believe that the current BTC price correction could hold.
In his stated reasons, Peter averred that it’s a normal trend for BTC to retest upper boundary channel and 18 Day Moving Average (DMA).
He said the fact that no 3-Day Trailing Stop Rule (3DTSR) has been triggered stands as a reason to believe that the current Bitcoin correction could hold. Conclusively, he said the low experienced by BTC on 14th January 2020 still remains intact, which is another reason.
Peter’s assertion implies that if there is no further and notable retracement, Bitcoin price could return to its recent bullish trend.
He said, “Reasons to believe current correction in Bitcoin could hold 1. Retesting upper boundary of channel is normal 2. Retesting 18 DMA 3. No 3DTSR has been triggered 4. Jan 14 low remains intact Should above items change, then more serious correction could occur.”
Reasons to believe current correction in Bitcoin could hold
1. Retesting upper boundary of channel is normal
2. Retesting 18 DMA
3. No 3DTSR has been triggered
4. Jan 14 low remains intact
Should above items change, then more serious correction could occur$BTC pic.twitter.com/00O9wfv8h3
— Peter Brandt (@PeterLBrandt) January 24, 2020
Bitcoin (BTC) in the Market
Bitcoin is still maintaining its stay above $8,000 resistance level. BTC has retained the price level for about 3 days – a performance Peter Brandt believes is good for the bullish momentum of the digital currency, as illustrated above.
A lot of cryptocurrency pundits and analysts were of the opinion that the much-awaited bullish trend of Bitcoin has arrived, which ended in a price nosedive. At the time of filing this report, BTC is trading at $8,479.82, with a 1.24% price uptrend in the last 24 hours.