He emphasized that he does not make trades based on opinions but on established chart patterns. The crypto analyst further mentioned that he avoids trading when a price is range-bound without a clear trend and only enters trades when a pattern is completed. After Brandt described Bitcoin’s chart pattern as an inverted or expanding triangle, a crypto member proposed that it could be better described as a "descending broadening wedge.” Brandt responded by explaining that despite the variety of names for patterns, he prefers to use the terminology established by Schabacker, Magee, and Edwards, who are regarded as the founders of classical charting. Concurring with Brandt’s view that "no breakout yet, so no trade,” a crypto community member noted that Bitcoin has been in a hold position for over a year, suggesting that it may not be the right time to trade.
Brandt agreed but emphasized that, as a trader, he prioritizes risk management and prefers not to go against his established trading strategies. A final crypto member suggested that the inverted or expanding triangle pattern in Bitcoin may be a "bullish megaphone or bull flag.” Brandt responded by clarifying that, while some might label the pattern as a bull flag, it does not align with the definitions set by the founders of classical charting. Insights On Brandt’s Classical Charting Principles In a more recent X post, Brandt discussed in detail the effectiveness of using classical chart patterns for trading.
He revealed that once classical chart patterns are identified, they are resolved in three distinct ways. Related Reading: Ethereum Return To $4,000: Key Zones And Price Levels To Watch Brandt noted that these patterns often morph into something unexpected 50% of the time, failing to follow initial predictions.
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