Veteran trader Peter Brandt is warning that bearish signals are flashing for Bitcoin and that BTC could be headed much lower.
Brandt told his 763,600 followers on social media platform
“Hey trolls, this is not a prediction. Always point to possibilities, not probabilities or certainties. No screenshots required. The BTC right-angled expanding triangle could be projected back to $70,000 to test its parabolic form.”
Looking at the trader’s chart, he seems to be predicting that BTC could fall to $76,614 if it breaks support at around $90,000.
Bitcoin is trading at $97,201 at the time of writing and has risen slightly over the past 24 hours.
Brandt also warned that Ethereum (ETH) rival Cardano (ADA) could print a head-and-shoulders pattern on the daily time frame and could plunge if the $0.91 support level does not hold.
The head and shoulders pattern is generally considered a bearish reversal structure in technical analysis, indicating the end of an upward trend for an asset.
“Cardano looks like a potential car crash.”
ADA is trading at $0.95 at the time of this writing, up 7.2% in the last 24 hours.
Lastly, Brandt suggests that payments-focused altcoin XRP is showing a bullish continuation pattern on the daily chart.
“XRP appears to be resolving about half of the flags. Then the distance to the top should be equal to advancing to the tip of the flag.”
XRP is trading at $2.28 at the time of this writing, up slightly over the past day.
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