Veteran Trader Peter Brandt Warns Bitcoin of Losing Bullish Momentum
Veteran trader Peter Brandt is cautioning crypto readers that Bitcoin is in danger of losing its bullish momentum. He believes that Bitcoin is approaching a crucial price area and is at risk of canceling out its recent uptrend.
Key Points:
- Bitcoin broke out from an inverse head and shoulders reversal pattern after breaching the price wall at around $25,000, signaling the end of the downtrend.
- The second retest of the inverse head and shoulders neckline increases the chances of the bullish pattern failing.
- Bitcoin has violated a diagonal support that has kept it in an uptrend since the beginning of the year.
- Bitcoin would need to recover the uptrend line to turn bearish sentiment around.
- At the time of writing, Bitcoin is trading above the inverse head and shoulders neckline but below the diagonal support.
Hot Take
Peter Brandt’s warning highlights the potential risks for Bitcoin’s bullish momentum. Traders should closely monitor the price action and the violation of key support levels to make informed trading decisions.
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