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In a tweet, renowned trader Peter Brandt drew attention to the sinister double top pattern, which, in his opinion, is ignored by bitcoin traders.
This is a bearish reversal pattern signaling the end of an uptrend.
I’m surprised the charting lovers haven’t shouted “double top” yet … I already miss this chatter. BTC. I AM NOT A HEYTER.
Kind of surprised the chartaholics have not been screaming “DOUBLE TOP” yet. Perhaps they have been and I’ve missed that chatter. $BTC
I AM NOT A HATER!!!! pic.twitter.com/xXxQysOKq1— Peter Brandt (@PeterLBrandt) December 10, 2021
At the same time, the expert emphasized that the model cannot be confirmed until it is completed, so you should not worry about another large-scale correction prematurely.
A pattern is NEVER recognized as a pattern until it is completed and validated. I point to many emerging models …
A pattern is NEVER a pattern until it is completed and confirmed. I point out a lot of developing patterns — you, like many novices, take that is representing my position and opinion.
— Peter Brandt (@PeterLBrandt) December 10, 2021
The pattern has not yet been fully formed, but the price of bitcoin is already declining. The main cryptocurrency is currently trading at $ 47,970, showing a 3% loss.
At the moment, bitcoin has deviated by about 30% from its all-time high of $ 69,044, which was reached about a month ago.
#Peter #Brandt #warned #drop #bitcoin
