Themarketanalyser
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đ„Bitcoin is again forming a âthree blind miceâ trading pattern: Peter Brandtđ„
Veteran trader Peter Brandtâs warning to crypto traders suggests Bitcoin may fall into a deeper downtrend.
Veteran trader Peter Brandt has noted that Bitcoin is forming a âthree blind miceâ pattern, with some interpreting the message to mean that the asset may tumble lower in the coming days.
In an Oct. 2 post on X, Brandt told his 740,000 followers that Bitcoin is forming the âinfamous Three Blind Mice and a Piece of Cheeseâ trading pattern.
According to technical analysis data from trading platform Morpher, the âthree blind miceâ pattern is typically seen as a âcontinuationâ pattern, meaning that whatever direction the âthree blind miceâ are headed is where future price action will follow.
Brandt last mentioned the three blind mice pattern in a post on X on Dec. 17, 2022, when Bitcoin traded for about $17,000 and entered a weekslong slump before breaking out sharply to the upside in January 2023.
In an earlier Oct. 2 post on X, Brandt cautioned traders that Bitcoinâs most recent rally did not âdisturb the 7-month sequence of lower highs and lower lows,â adding that Bitcoin is still locked in an ongoing downtrend.
âOnly a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force,â wrote Brandt.
đ„Related: Bitcoin breaking $74K will âtake timeâ as BTC 'moves to neutralâ â Analystđ„
Several traders have speculated that Brandtâs âthree blind miceâ pattern is a more humorous take on the âthree black crowsâ pattern, which is used to indicate the reversal of an uptrend.
The patternâs namesake may also stem from the famous nursery rhyme, which repeats two stanzas of âthree blind miceâ with âsee how they run.â
The price of Bitcoin has tumbled 7.1% in the last three days, with the sharp 72-hour downturn erasing nearly 12 days of gains.
The price of Bitcoin has plunged as markets were spooked by escalating geopolitical tensions in the Middle East, made worse by mounting concerns about the strength of the US economy and the outcome of the upcoming election.
Please like, follow & share with your friends for more News & Updates.đ€
#Themarketanalyser #Write2Earn! #BinanceWeb3Wallet #dappSOtheFutureIntents #BTCReboundsAfterFOMC
$BTC
Veteran trader Peter Brandt has noted that Bitcoin is forming a âthree blind miceâ pattern, with some interpreting the message to mean that the asset may tumble lower in the coming days.
In an Oct. 2 post on X, Brandt told his 740,000 followers that Bitcoin is forming the âinfamous Three Blind Mice and a Piece of Cheeseâ trading pattern.
According to technical analysis data from trading platform Morpher, the âthree blind miceâ pattern is typically seen as a âcontinuationâ pattern, meaning that whatever direction the âthree blind miceâ are headed is where future price action will follow.
Brandt last mentioned the three blind mice pattern in a post on X on Dec. 17, 2022, when Bitcoin traded for about $17,000 and entered a weekslong slump before breaking out sharply to the upside in January 2023.
In an earlier Oct. 2 post on X, Brandt cautioned traders that Bitcoinâs most recent rally did not âdisturb the 7-month sequence of lower highs and lower lows,â adding that Bitcoin is still locked in an ongoing downtrend.
âOnly a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force,â wrote Brandt.
đ„Related: Bitcoin breaking $74K will âtake timeâ as BTC 'moves to neutralâ â Analystđ„
Several traders have speculated that Brandtâs âthree blind miceâ pattern is a more humorous take on the âthree black crowsâ pattern, which is used to indicate the reversal of an uptrend.
The patternâs namesake may also stem from the famous nursery rhyme, which repeats two stanzas of âthree blind miceâ with âsee how they run.â
The price of Bitcoin has tumbled 7.1% in the last three days, with the sharp 72-hour downturn erasing nearly 12 days of gains.
The price of Bitcoin has plunged as markets were spooked by escalating geopolitical tensions in the Middle East, made worse by mounting concerns about the strength of the US economy and the outcome of the upcoming election.
Please like, follow & share with your friends for more News & Updates.đ€
#Themarketanalyser #Write2Earn! #BinanceWeb3Wallet #dappSOtheFutureIntents #BTCReboundsAfterFOMC
$BTC