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Veteran chartist Peter Brandt is warning cryptocurrency traders against letting a bullish bias dictate their technical analysis. Brandt cautioned market participants not to invent charting rules to fit a preferred narrative, saying that newcomers to price charting often “make up rules as they go.”
Brandt said the rules for technical analysis were established decades ago by earlier market pioneers, citing Richard W. Schabacker (1934) and Edwards and Magee (1948). He argued that modern commentators may describe Bitcoin’s upward-sloping price channel as a classic continuation pattern, but he questioned whether that interpretation aligns with the original framework of charting.
Brandt pointed to the foundational works he views as setting the mechanics of technical analysis, including Technical Analysis of Stock Trends by Robert D. Edwards and John Magee (1948) and Schabacker’s earlier work (1934).
Brandt shared his remarks on X (formerly Twitter), addressing what he described as a growing chorus of retail traders and analysts labeling BTC’s upward-sloping price channel as a continuation setup.

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