A new technical analysis indicator has been launched that is named after an iconic trader who accurately predicted Bitcoin’s bottom over a year before it happened, due to his familiarity with parabolic assets retracing after an overly powerful rally.
The indicator in question gave a sell signal just before last week’s massive Bitcoin price crash, and it just gave a buy signal on the daily, suggesting a powerful reversal may be near.
New Bitcoin Price Chart Indicator Named After Peter Brandt
Crypto investors and traders often perform technical analysis to assist them with predicting trend changes, finding entries and exits for positions, and much more. Technical analysis consists of drawing lines to form patterns on charts in combination with a number of indicators and oscillators.
A new indicator created by a prominent crypto analyst has been named after Peter Brandt, an iconic professional trader of a variety of markets with over 40 years of experience. Peter is one of the main seats on Bitcoin.Live, alongside some of the best traders the industry has to offer, and has made chillingly accurate calls when it comes to Bitcoin price.
The new Peterbolic SAR has been published and is available to the public for free! Wouldn't you know that it just flashed a $BTC buy signal a few hours ago on the daily. Let's watch and see how it plays out : )
— Financial Survivalism (@Sawcruhteez) October 3, 2019
Peter Brandt called Bitcoin’s bear market bottom just days after the asset’s parabolic advance was broken at the end of 2017 into early 2018. Given how on target Brandt has been in predicting Bitcoin price, an indicator bearing his namesake will need to be extremely accurate.
Peterbolic SAR Gives Buy Signal Suggesting Potential Reversal Ahead
The new indicator, created by crypto analyst Sawcruhteez and Casey Bowman, is a play on the name of the parabolic stop and reverse method indicator and is based on Peter Brandt’s 3-day trailing stop rule. It has been aptly named after Peter Brandt, dubbing the indicator “Peterbolic SAR.”
If the indicator is anywhere as accurate at Peter Brandt himself, then a bullish reversal in Bitcoin may soon be coming. The indicator just gave a buy signal on Bitcoin’s daily price chart.
Prior to this buy signal, it flashed a sell signal in early September. A couple of weeks later, Bitcoin price dropped 20% to the current price range it is trading in.
Related Reading | Peter Brandt: 99% of Altcoins Will Be Forgotten in Five Years
While crypto analysts are torn as to where the bottom of this correction may be, if the signal confirms soon with a powerful upward movement, then the correction may have already bottomed around the mid-$7,000 range.
However, it’s worth noting it took almost three weeks for Bitcoin to crash after the sell signal, so there may still be some downside movement ahead of any strong rebound or reversal.
The new Peterbolic SAR indicator is available for free on TradingView.