{"id":635122,"date":"2024-08-13T20:00:36","date_gmt":"2024-08-13T20:00:36","guid":{"rendered":"https:\/\/uniquehot.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:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-flashes-inverted-triangle\/","title":{"rendered":"Bitcoin Flashes Inverted Triangle, Analyst Peter Brandt Explains What This Means"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Veteran crypto analyst, <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/peter-brandt-bitcoin-44000\/\"><span style=\"font-weight: 400\">Peter Brandt<\/span><\/a><span style=\"font-weight: 400\"> has uncovered an inverted or expanding triangle pattern in <\/span><a href=\"https:\/\/uniquehot.com\/news\/are-we-out-of-the-woods-analyst-bullish-on-bitcoins-6-figure-future\/\"><span style=\"font-weight: 400\">Bitcoin (BTC)<\/span><\/a><span style=\"font-weight: 400\">. Utilizing classical charting principles, Brandt analyzes the technical pattern formation, highlighting its potential impact on <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-upside-60k\/\"><span style=\"font-weight: 400\">Bitcoin\u2019s price trajectory<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2>What Bitcoin\u2019s Inverted Triangle Pattern Means<\/h2>\n<p><span style=\"font-weight: 400\">On August 12, Brandt took to X (formerly Twitter) to <\/span><a href=\"https:\/\/x.com\/peterlbrandt\/status\/72676770?s=46\" rel=\"nofollow\"><span style=\"font-weight: 400\">shed light<\/span><\/a><span style=\"font-weight: 400\"> 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><a href=\"https:\/\/uniquehot.com\/news\/expanding-triangle-pattern-bitcoin-last-hope\/\"><span style=\"font-weight: 400\">expanding Triangle pattern in Bitcoin<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/celsius-takes-legal-action-against-tether-for-2-4-bitcoin-collateral-controversy\/\">Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy<\/a><\/div>\n<figure id=\"attachment_635128\" aria-describedby=\"caption-attachment-635128\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-635128\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Bitcoin_acb7b3.jpg?w=460&#038;resize=460%2C242\" alt=\"Bitcoin\" width=\"460\" height=\"242\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Bitcoin_acb7b3.jpg?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Bitcoin_acb7b3.jpg?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-635128\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Usually, <\/span><a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-forms-symmetrical-triangle-rally-on-the-horizon\/\"><span style=\"font-weight: 400\">triangle-like shape patterns<\/span><\/a><span style=\"font-weight: 400\"> on the Bitcoin chart can indicate either a continuation or a <\/span><a href=\"https:\/\/uniquehot.com\/news\/trader-warns-bitcoin-reversal-pattern\/\"><span style=\"font-weight: 400\">reversal for Bitcoin\u2019s price movements<\/span><\/a><span style=\"font-weight: 400\">. The pattern depicted in Brandt\u2019s post features two descending trend lines that are diverging from one another.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Brandt explains that while this pattern could be misconstrued as a <\/span><a href=\"https:\/\/uniquehot.com\/news\/technical-indicators-show-strong-bitcoin-bullishness-new-ath-on-the-horizon\/\"><span style=\"font-weight: 400\">bullish signal<\/span><\/a><span style=\"font-weight: 400\">, 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><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-double-top-pattern\/\"><span style=\"font-weight: 400\">chart patterns<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">Concurring with Brandt\u2019s view that \u201cno breakout yet, so no trade,\u201d a crypto community member noted that <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/83-all-bitcoin-holders-60000\/\"><span style=\"font-weight: 400\">Bitcoin has been in a hold position<\/span><\/a><span style=\"font-weight: 400\"> 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<p><span style=\"font-weight: 400\">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><a href=\"https:\/\/uniquehot.com\/news\/bitcoin-raises-bull-flag-formation-triggers-calls-for-100000\/\"><span style=\"font-weight: 400\">bull flag<\/span><\/a><span style=\"font-weight: 400\">, it does not align with the definitions set by the founders of classical charting.\u00a0<\/span><\/p>\n<h2>Insights On Brandt\u2019s Classical Charting Principles<\/h2>\n<p><span style=\"font-weight: 400\">In a more recent <\/span><a href=\"https:\/\/x.com\/peterlbrandt\/status\/33777108?s=46\" rel=\"nofollow\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\">, Brandt discussed in detail the effectiveness of using classical chart patterns for trading. He revealed that once <\/span><a href=\"https:\/\/uniquehot.com\/news\/ripple\/xrp-to-hit-zero-vs-btc\/\"><span style=\"font-weight: 400\">classical chart patterns<\/span><\/a><span style=\"font-weight: 400\"> are identified, they are resolved in three distinct ways.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-4000-key-zones\/\">Ethereum Return To $4,000: Key Zones And Price Levels To Watch<\/a><\/div>\n<p><span style=\"font-weight: 400\">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<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/TC0G0vDR\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1518\"><figcaption class=\"wp-caption-text\">BTC price below $59,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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":"\n<title>Bitcoin Flashes Inverted Triangle, Analyst Peter Brandt Explains What This 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