Peter Brandt, a veteran chartist, cautions traders against interpreting Bitcoin's recent multi-month price consolidation as a bullish 'flag' pattern. He emphasizes that true flag patterns, as defined by classical technical analysis pioneers, must form and break out within about four weeks, unlike Bitcoin's current seven-week upward-sloping channel. Brandt warns that extending these patterns beyond traditional rules to fit bullish biases can mislead traders, as prolonged channels may fail to break out. His advice urges traders to adhere to established charting principles rather than invent new rules to suit optimistic views on Bitcoin's price movements.
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Bitcoin briefly reached a three-week high near $65,600 before retreating to around $64,000, influenced by lower-than-expected US inflation data and geopolitical tensions. Ethereum also reversed from a six-week peak near $1,950, slipping below $1,900....
