Veteran Trader Brandt Identifies Bitcoin H&S Pattern, Dump Incoming?
Sharing a Bitcoin (BTC) chart on the daily time frame, Peter Brandt cautioned that traders should not ignore a head and shoulders pattern when confirmed. Peter Lewis Brandt, veteran trader, and accomplished analyst, recently called attention to a head and shoulders pattern formed on the Bitcoin (BTC) daily chart. Brandt cautioned investors not to ignore the confirmation, as the pattern indicates a looming trend reversal to the downside. “A head and shoulders should be taken seriously if it is completed,” Brandt disclosed in a recent tweet, as he shared a chart that shows the formation of the pattern. A head and shoulders should be taken seriously if it is completed $BTC pic.twitter.com/n5ZiLasmUC — Peter Brandt (@PeterLBrandt) May 11, 2023 The chart indicates that BTC formed the left shoulder when it broke out from the $20,000 price in February to between $26,000 and $ 28,000 in March. The asset formed the head in April amid the impressive ...