U.Today - The leading cryptocurrency, Bitcoin (BTC), recently performed a major breakout of the whole year, as it finally surpassed a downward trendline that was suppressing the price all through January, February and March.
Of course, when a level of this magnitude is broken, bullish sentiment rises, and the "numbers are going up" chatter resumes. That is the way the market works, as it was in extreme fear just a week ago when BTC was at $75,000, and within six days most market participants are greedy again. But not Peter Brandt.
Considered by many to be a trading legend, which is hard to argue with considering that Brandt has been in the financial markets since the 1970s, this latest Bitcoin breakout is nothing to the trader. Literally.
As he himself reports in a recent outlook, of all price chart constructions, trendlines are the least significant. What is more, this recent trendline break does not signal a trend change for the cryptocurrency, the expert trader says, addressing his speech to "amateur chartists."
Funnily enough, Brandt ends his message with "sorry," which only adds to the whole message.
There is, however, a kind of dynamic price level that Brandt says carries weight. This is a price range boundary that can act as resistance or support for the price and is not a "simple trend line."
Meanwhile, it seems that Bitcoin remains in the spotlight of not only crypto enthusiasts but the entire financial sector. How this breakout will end remains open to speculation.
This article was originally published on U.Today