Bitcoin Price Drops Below $7,800, but Trading Legend Peter Brandt Says He’s Waiting for Uptrend Confirmation

Libra Coin News
Thu, 09/26/2019 - 17:08
Alex Dovbnya
The Bitcoin price falls below the key support level, thus enduring more losses
Cover image via U.Today

The price of Bitcoin, the top coin by market capitalization, has recently plunged below the 200-day moving average (200MA) of $8,322, the key support level.

Subsequently, this prompted another round of sell-off that pushed the BTC price to an intraday low of $7,750 that was printed at 16:27 UTC.

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Recent Bitcoin Price Drop Might Indicate the End of Bull Market: Trading Experts

As reported by U.Today, Bitcoin’s recent 15 percent drop has shifted the current market sentiment in favor of the bears. The relative strength indicator (RSI) has dipped the 50 level, which never happened during the previous bear market.

However, commodity trading veteran Peter Brandt doesn’t rule out that Bitcoin is still in the bull market. He claims that he needs a confirmation before re-employing capital.

At the beginning of September, Brandt alleged that Bitcoin might have gone parabolic for the fourth time.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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