Legendary trader targets $28,000 after first cryptocurrency falls below channel
The legendary trader with nearly 50 years of expertise has predicted a possible reversal for Bitcoin, to drop under $30,000. The dealer prompt that the drop under the ascending channel might occur through the subsequent reversal.
The trader used a fairly common pattern that Bitcoin has been forming since mid-February. Channel completion usually results in a decline equal to the width of the channel, as Brandt suggests.
In response to the every day BTC chart, it has already fallen from the channel and is now in free fall as no vital assist zones had been fashioned on its approach down. Some merchants and traders are betting on a reversal at roughly $35,000.
Brandt did not choose $28,000 at random, as that is the price that would be reached after a drop equal to the range in which Bitcoin was previously moving. Unfortunately, Bitcoin still follows tech stocks and the US market.
Sadly, Bitcoin nonetheless stays in a sharp downtrend even after the latest reversal to $47,000, throughout which it broke down from the ascending channel, inflicting a change within the cryptocurrency’s sentiment market.
At press time, Bitcoin is trading at $37,980 and gaining a few percentage points from its value, which should not be taken as a significant price increase or grounds for a reversal.
