Experienced trader Peter Brandt believes that traders pay too much attention to less important resistances.
One of the most popular traders in the cryptocurrency industry, he has made a name for himself in the field thanks to his vast experience and ability to accurately analyze the state of cryptocurrencies. markettalks about people who are hopeful and forming their views on the market these days based on the trend lines of the S&P 500 index.
The ‘magic line’ that investors have highlighted on numerous charts has been circling the cryptocurrency and trading communities for the past few weeks, with breakouts of this line revealing correlations with most stocks. So it clearly suggests a reversal of the entire market, including cryptocurrencies. Since 2021 we are at a very high standard.
Sorry trendline fanatics
If this trendline is violated, it makes no sense as a trade. $SPY pic.twitter.com/V5LFYKdGHx
— Peter Brandt (@PeterLBrandt) January 26, 2023
However, Brandt doesn’t seem to share the same enthusiasm as other traders, and is a sharp contrast to those who can’t wait to see solid breakouts and rally acceleration for the line. I don’t think breakouts lead to anything.
Unfortunately, a prominent analyst offers no additional information as to why almost every trader or investor thinks the trend lines he or she highlights in his or her analysis are irrelevant or do not bring momentum to the market. Is not …
Some users assume that a breakout of that line will not necessarily start a long-term bullish rally. This is because technical levels are less impressive on longer timeframes, monthly or even weekly.
In fact, the recent breakout of the line did not bring volatility back to the market even after the indices gained a foothold on top of it. assets have retreated from local highs and lost some of their previously earned value.
