Peter Brandt: Bitcoin Price Could Be Entering A New Parabolic Advance

Veteran trader, Peter Brandt, who called Bitcoin’s $20K top,” says it wouldn’t surprise him if Bitcoin price enters a new parabolic phase.
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Emilio Janus| Apr 06, 2019 | 11:00


Veteran trader, Peter Brandt, who called Bitcoin’s $20K top,” says it wouldn’t surprise him if Bitcoin price enters a new parabolic phase.


The Guy Who Wrote The Book

When the guy who wrote the book (and the sequel) on commodity trading with classical chart patterns speaks, you listen. If that’s the same guy who called the end of Bitcoin’s last parabolic advance at $20k, predicting an 80%+ decline to under $4000, you listen extra hard.

Well, pin back your ears, because Peter Brandt has something to say… or rather tweet, because… you know, nobody says anything anymore.

Bitcoin Price: It’s All In The Charts

Brandt suggests that the current chart is a rough analog of the double bottom in 2015. This bottom followed the crash from Bitcoin’s previous parabolic move, which peaked in late 2013.

With this in mind, Brandt believes that either from the December 2018 low (of $3130) or a retest of this value Bitcoin could well be entering a new parabolic phase… which would be nice.

In the comments of his tweet, someone asked if Brandt had seen the parabolic analysis of Bitcoinist’s own market analyst filbfilb. However, he replied that he preferred to keep his opinion pure.

It’s Been A Long Time Coming

The return to a parabolic advancing phase for bitcoin price has been predicted ever since the last one finished. In fact, looking back to that time gives a very interesting perspective.

Bitcoinist was referencing ‘a MarketWatch source known as Filbfilb’, described at the time by fellow-analyst, Parabolic Trav, as very accurate. No wonder we hunted him down, and now keep him safely in a box, only getting him out periodically for Bitcoin TAs.

And what was Peter Brandt saying at the time?

Violation of parabolic advance could produce 12-24 mos of chop before new advance gains traction.

13 months of (mainly downward) chop later… and according to Brandt the new advance could be starting to gain traction. I wouldn’t bet against it.

If bitcoin does indeed enter a “new parabolic advance” then the chart suggests that a price of $100,000 USD could well be in play.

Will Bitcoin price go on another parabolic run similar to the one in 2017? Share your thoughts below!


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Ethereum [ETH/USD] Price Analysis: Bear fastens its grip over coin

Ethereum [ETH], the second largest cryptocurrency by market cap, made headlines following the statement made by the Securities and Exchange …

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The one-hour chart demonstrated two prominent downward trends for the cryptocurrency, from $138.94 to $137.23, and from $137.13 to $133.65. The coin also had two upward trends, outlined from $124.88 to $129.28, and from $129.29 to $130.70.

The immediate resistance was set at $133.67, while stronger resistance was set at $138.96. However, if the bear was its tighten the grip, the immediate support for the coin was found at $129.27 and the strong support at $124.83.

Bollinger Bands showed that there was volatility for the cryptocurrency in the market, with the charts recording a recent explosion.

Klinger Oscillator showed that the bear had no intention of loosening its grip as the reading line was well below the signal line after a crossover.

RSI showed that the coin remained in an evened out market, where the buying pressure canceled out the selling pressure.

1-day

Ethereum one-day price chart | Source: Trading View

The one-day chart showed that the cryptocurrency’s downtrend was displayed from $218.66 to $157.55, which went further south to settle at $136.41. The uptrends for the cryptocurrency were from $83.74 to $103.21, and from $103.22 to $125.24.

The immediate resistance for the cryptocurrency was at $137.80, while there was strong resistance at $157.61. The coin found its immediate support ground at $125.12 and strong support at $82.64.

MACD showed that the coin had joined a few others in the bear’s station.

Parabolic SAR also forecast an impending bearish doom as the dotted markers were above the candlesticks.

Chaikin Money Flow indicated a red future for the coin as money was seen flowing out of the market.

Conclusion

Bullish activity was slowing phasing out, following the bear’s tight grip over the market. MACD, Parabolic SAR and CMF, from the one-day chart and Klinger Oscillator from the one-hour chart, were all seen siding with the bear.


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Ethereum [ETH/USD] Price Analysis: Coin rests in the bear’s den

Ethereum [ETH], the second largest cryptocurrency by market cap was recently in the headlines after multiple research reports corresponding to the …

TradingView

On the one-hour chart, the downtrends for the cryptocurrency were outlined from $138.94 to $137.23 and $135.58 to $132.51. The coin’s uptrend was pictured from $124.88 to $129.28.

The immediate resistance for the cryptocurrency was at $132.56, while strong resistance was found at 138.95. The immediate support, on the contrary, was positioned at $124.82 and there was strong support at $123.99.

Parabolic SAR showed that the bear’s influence over the coin was growing, with the dotted markers forming above the candlesticks.

Chaikin Money Flow showed that money was flowing out of the market, a bearish sign.

Bollinger Bands showed that the market was still volatile as the bands were diverging from each other.

1-day

Ethereum one-day price chart | Source: TradingView

On the one-day chart, the downtrends for the coin were outlined from $218.66 to $157.56, and from $157.55 to $136.41. The uptrends for the cryptocurrency were pictured from $83.74 to $103.21, and from $103.22 to $125.24.

The immediate resistance for the coin was at $137.80 and there was strong resistance at $157.67. The immediate support was positioned at $125.16 and the strong support was at $82.76.

Klinger Oscillator showed that the coin was resting next to the bear as the reading line moved below after its encounter with the signal line.

The MACD line placed itself below the signal line after the two completed a crossover, painting the histogram red on its path down south.

RSI showed that the buying pressure for the coin was equally balanced out by the selling pressure.

Conclusion

The second largest cryptocurrency occupied the seat vacant next to the bear. This projection was backed by indicators such as the MACD and Klinger Oscillator on the one-day chart, and Parabolic SAR and CMF on the one-hour chart.


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Ethereum [ETH/USD] Price Analysis: Bull bids adieu to market

Earlier this week, a majority of the cryptocurrencies were adorned in green to greet the bull, including top coins such as Litecoin [LTC], Ethereum [ETH] …

Ethereum one-day price chart | Source: Trading View

The one-day chart demonstrated downtrends from $218.66 to $157.56 and from $157.55 to $136.30. The uptrends for the cryptocurrency were outlined from $83.74 to $103.22 and from $103.22 to $125.24.

The coin’s immediate resistance was at $157.75 and the strong resistance was at $218.64. Over the course of time, the coin had placed multiple support layers at $215.04, $103.10, and $82.87.

MACD showed that the bear’s grip around the coin was strong as the moving average line was forced to stay below the signal line.

Parabolic SAR ensured that all the gates were shut, preventing the bull from returning to the market. As an added security measure, the indicator had placed itself on top of the candlesticks.

Chaikin Money Flow, however, showed hope for the coin as money had started to flow into the market.

Conclusion

The bull’s visit to the market has come to an end and the bear’s grip seems to be inevitable with the support of MACD, and Parabolic SAR from the one-day chart and Klinger Oscillator from the one-hour chart.


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Litecoin [LTC] Price Analysis: Prices hold as coin remains under bear’s control

Litecoin, the fifth largest crypto asset on CoinMarketCap with respect to market capitalization was struggling to breach the $50-mark since last week.

TradingView

LTC registered an uptrend from $23.26 to $30.82 and a significant downtrend from $55.76 to $34.16 on the one-day chart. The immediate resistance was noted at $55.88 and the support for the coin was found at $41.23.

Parabolic SAR: The dotted markers were oriented above the candles and indicated a bearish pattern for the coin’s valuation.

Klinger Oscillator: The reading line was aligned below the signal line and indicated a bearish trend for LTC’s price.

MACD: The MACD indicator also sided with the bear with the signal line hovering above the MACD line.

Conclusion

Most of the indicators, including the CMF, Parabolic SAR, KO and the MACD, suggested that Litecoin was deep inside the bear’s territory. However, the AO indicator predicted a bullish phase for the coin.


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