Peter Brandt has recently stated that he has been taking profits on Bitcoin for the past few days because he met the target he was looking for. Brandt also mentions a potential target of $56,000 for Bitcoin in the long-term if the all-time high is breached.
Bitcoin might be facing a pullback to $12,000.
In his latest report, Peter Brandt talks about Bitcoin and his current stance on the digital asset. Brandt states that he sees nothing negative about the flagship cryptocurrency, but he has still taken profits.
Brandt points out nine different corrections that Bitcoin price had throughout 2015-2017, averaging around 34%. No significant corrections have been observed since Bitcoin’s last liftoff from $10,000.
It seems that a similar correction would put Bitcoin price at around $12,000. Peter Brandt states: The weekly moving average is substantially below the market at $12,700. Am I predicting a correction down to $12,700? No, not really, I don’t predict markets, I respond to them.
Another interesting factor that Brandt mentions is the lack of trading volume. A lot of investors have been concerned by the flat volume. However, Brandt points out that since December 2017, the four most significant spikes in trading volume marked reversal points in the market, which means that another big spike could be the first sign.
Brandt is looking to re-enter if Bitcoin price re-tests the Moving Average on the daily chart. This MA has been acting as a healthy support level since October 8. It is currently located at $16,750, well above the price of Bitcoin.
Reprinted from FX Street. The Copyright is reserved by the original author.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.