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Peter Brent: Bitcoin daily red chart means traders “should” defend $ 29,000


Peter Brandt, a well-known and experienced financial market trader, says that short-term bitcoin fluctuations are not very optimistic. He said maintaining $ 29,000 is critical to continuing the uptrend. Various people and sources have also warned that breaking this level could pave the way for the price to fall to the level of $ 20,000.

to the the report Coin Telegraph, Peter Brent said that Bitcoin must maintain support of $ 29,000 to maintain its uptrend.

Brent, better known in recent years for his clever Bitcoin price predictions, tweeted July 1 (July 10th) that buyers saw it as their responsibility to show their strength in front of sellers.

The Bitcoin market fell 5 percent on Thursday. Bitcoin is getting further away from its previous achievements every day, while the indicators within the chain have completely increased.

For Brent, short-term conditions look a little better, and an upward move was needed to reverse the downtrend.

Regarding the bitcoin price chart, Brent said that the formation of the rectangular pattern took 5 weeks and the 1-day view of the market is completely declining.

Brent said:

Responsibility of defense [از بیت کوین] It is the responsibility of the buyers and [آنها] They have no choice but to keep the price above $ 29,000.

Peter Brent: Bitcoin daily red chart means traders
Bitcoin Price Chart (Peter Brent Analysis of the 1-Day Overview of the Bitcoin / Dollar Market)

The current price of Bitcoin is still higher than last week. Bitcoin hit a low of $ 28,600 last week.

Various people and sources have warned that breaking this level could pave the way for the price to fall to the previous historical high of $ 20,000. However, Bitcoin fans disagree about the performance of the downward trend in the near future.

John Bollinger, the creator of the Bollinger Bands Index, tweeted on Wednesday identifying three major support and resistance levels for the Bitcoin price, the lowest of which is $ 31,000. However, some believe that the levels raised by Bollinger are not based on recent price fluctuations.

Bollinger said it is monitoring levels of $ 35,000 to $ 36,000 and $ 41,000. According to him, these levels have been of special importance so far.

Bitcoin prices are expected to close near the support level on Thursday. The $ 32,300 to $ 33,000 range is a critical area for bitcoin traders who need to keep prices above this level.

Lowering the price below this level can weaken the morale of traders and even old market participants. Bitcoin prices are now moving away from the S2F pattern. A similar thing happened in 2019 and was affected by the big fall of 2018. According to this popular price forecast model, Bitcoin should have traded around $ 78,000 this week.

Despite the negative news about the ban on bitcoin trading and extraction in China, many believe that the fall is in itself a perfectly logical event.

Travis Kling, director of the Ikigai Digital Currency Investment Fund, said this week that June saw the most aggressive government attack on bitcoin.

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