U.Today – Bitcoin Price Action Update

Peter Brandt, a veteran trader known for his technical analysis, recently provided an update on Bitcoin’s price action.

Current Price Action

Brandt noted that BTC is caught in a series of lower highs and lower lows. He stated that a close above the July highs would break this pattern and complete the six-month expanding triangle that has formed. Until then, this pattern remains active.

At the time of Brandt’s assessment, Bitcoin (BTC) was priced at $63,695. Within 24 hours, it surged to $66,200, raising questions among observers about how this change might influence traders’ outlook on Bitcoin.

However, Brandt emphasized that Bitcoin needs to break the July high of $70,000, requiring a 5.5% increase to invalidate the series of lower highs and lows. Even with a 12% gain since the start of September, this resistance remains critical.

The Megaphone Pattern

In his latest analysis, Brandt discusses the significance of the expanding triangle, or megaphone, pattern affecting Bitcoin’s price chart. This formation typically indicates increasing volatility and wider price swings, reflecting the behavior of BTC over recent months, which keeps traders alert.

The August low of $49,000 continues to serve as a key support level for any potential downside risks.

There is ongoing debate regarding whether Bitcoin will move higher or retest previous lows. Nevertheless, for now, the bulls maintain an advantage as long as the price remains well above this critical support.

This article was originally published on U.Today