Veteran trader Peter Brandt is warning about Bitcoin (BTC) as the leading cryptocurrency falls to the $60,000 level.
Brandt told his 741,200 followers on social media platform Ta.
“Bitcoin’s recent rally did not disrupt its seven-month (price) sequence of falling highs and falling lows. Only closes above $71,000 were confirmed by a new ATH (all-time high). indicates that the trend from the November 2022 low remains valid.”
Source: Peter Brandt/X
Brandt then said that Bitcoin appears to be forming a bearish “Three Blind Mice” pattern on the daily time frame, and technical analysis indicates that the underlying trend is likely to continue. He said that
“Bitcoin forms the infamous ‘three blind mice and one piece of cheese’ trading pattern.”
Source: Peter Brandt/X
At the time of writing, Bitcoin is trading at $60,839.
Brandt also warned that payment network XRP may be forming a head-and-shoulders (H&S) pattern against Bitcoin (XRP/BTC) on the monthly chart.
The head and shoulders pattern is usually considered a bearish reversal pattern in technical analysis.
“This is an The XRP/BTC chart has an 11-year complex H&S that only applies if the completed project’s price goes to zero Bitcoin. Good news today! ”
Source: Peter Brandt/X
XRP/BTC is trading at 0.00000861 BTC ($0.52) at the time of writing, down nearly 2% over the past 24 hours.
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