Legendary trader Peter Brandt is warning that Bitcoin (BTC) is showing the makings of a bearish pattern.
Brandt tells his 696,600 Twitter followers that Bitcoin’s price action appears to indicate that a bearish pennant or flag pattern is developing, indicating another leg down is imminent.
“This is known as a pennant or flag and has short-term bearish implications unless negated by close above mid-point highs.”
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Source: Peter Brandt/Twitter
Bearish pennant and flag patterns are both used in technical analysis to forecast abrupt moves down. They are slightly different patterns but have the same general result.
While predicting short-term bearishness, Brandt says Bitcoin will likely only make one more move to the downside before bouncing higher.
“Perhaps one more shake out break, then thrust higher. But
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