Bitcoin: No Breakout, No Trade, Says Peter Brandt
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In the current volatile cryptocurrency market, traders liquidated $205.86 million worth of short and long positions in just 24 hours. Bitcoin, the world's biggest cryptocurrency, saw price fluctuations between $60,500 and $58,000. Amidst these fluctuations, veteran trader Peter Brandt advised not to trade Bitcoin until a clear price breakout occurs.
Brandt's strategy is aimed at minimizing losses during uncertain market conditions. He reiterates that trading without a clear trend is risky and could result in significant financial losses.
The significant liquidation volume highlights the market's volatility and the risks associated with trading in such uncertain conditions. Brandt's advice comes as a cautionary note to traders amidst Bitcoin's unpredictable price movements.
Source: coinpedia.org ↗
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