Veteran trader Peter Brandt is issuing a warning about Bitcoin (BTC) amid the flagship crypto’s decline to the $60,000 level.
Brandt tells his 741,200 followers on the social media platform X that Bitcoin still needs to hit higher price targets on the weekly timeframe to confirm that its bullish trend is intact.
“The recent rally in Bitcoin did not disturb the seven-month [price] sequence of lower highs and lower lows. Only a close above $71,000 confirmed by a new ATH (all-time high) will indicate that the trend from the November 2022 low remains in force.”
Next, Brandt says Bitcoin seems to have formed a bearish “three blind mice” pattern on the on the daily timeframe, which in technical analysis indicates the likely continuation of the underlying trend.
“Bitcoin forms the infamous ‘Three Blind Mice and a Piece of Cheese’ trading pattern.”
Bitcoin is trading for $60,839 at time of writing.
Brandt is also issuing a warning that payments network XRP could be forming a head and shoulders (H&S) pattern against Bitcoin (XRP/BTC) on the monthly chart.
A head and shoulders pattern is typically considered a bearish reversal pattern in technical analysis.
“This is an X post that many will screenshot and remind me of often for years to come. Does everyone know that Ripple actually is formal name for ‘RIP PPL OFF’? XRP/BTC chart has an 11-year complex H&S that ONLY IF completed projects price to ZERO Bitcoin. Good news for the day!”
XRP/BTC is trading for 0.00000861 BTC ($0.52) at time of writing, down nearly 2% in the last 24 hours.
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