Peter Brandt: Bitcoin price is the best technical indicator

Effectively-known dealer and analyst Peter Brandt considers the market worth of bitcoin to be the most correct indicator in predicting the motion of quotes.

In accordance with the professional, all different market indicators are based mostly on the price of BTC, which deprives them of their very own worth. Furthermore, the number of information for evaluation can confuse novice merchants, he stated.

Brandt added that each day viewing of a lot of charts is unlikely to supply any helpful info even to skilled merchants. The analyst famous that over the previous eight years, he remembers solely a couple of dozen instances when many indicators gave any dependable indicators about the motion of the price of bitcoin. In any other case, Brandt believes, indicators don't say something.

Relating to forecasting the future price of bitcoin based mostly on its present worth, the professional gave one instance. If quotes fall sharply after take-off to a sure degree, this will entail a change in the prevailing pattern.

With regard to derivatives, Brandt specified that he was not their opponent in any respect, however solely opposed the use of many indicators.

Recall that in late April, Peter Brandt referred to as fools those that retailer funds in the stablecoin Tether.

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Brandt additionally considers the present pandemic disaster a perfect storm for bitcoin.

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Sam Conley

Sam Conley is new to online journalism but she is keen to learn. She is an MBA from a reputed university. She brings together relevant news pieces from various industries. She loves to share quick news updates. She is always in search of interesting news so that she can share them as well to Sunriseread's readers who could enjoy them with their morning coffee.

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