Legendary Trader Peter Brandt Updates Outlook on Shiba Inu (SHIB), Says Bitcoin (BTC) Can Go Lower After Calling Crypto Crash – The Daily Hodl
Veteran dealer Peter Brandt is providing up his newest tackle Bitcoin (BTC) and Dogecoin (DOGE) competitor Shiba Inu (SHIB).
Brandt tells his 674,000 Twitter followers that SHIB has simply accomplished an inverse head and shoulders (IH&S) sample, a historically bullish formation that means the tip of a downtrend.
Brandt means that SHIB is both on the sting of a bullish rally after retesting the earlier resistance as assist, or a breakdown that takes the memecoin to decrease costs.
“Will SHIB hold above neckline support, or will we need to drop the letter ‘B’ and adopt a different letter that comes later in the alphabet?”
Supply: Peter Brandt/Twitter
At time of writing, SHIB is buying and selling at $0.000013, up 5% within the final seven days and nonetheless above the sample’s neckline.
Bitcoin, the seasoned dealer says that the most important crypto asset by market cap accomplished a bearish rising wedge sample and is now weak to seeing decrease costs.
“For all practical purposes the target of the rising wedge in Bitcoin BTC has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet.”
Final week, Brandt warned crypto merchants of a potential crash after recognizing that Bitcoin was printing the bearish sample.
At time of writing, Bitcoin is altering arms for $21,544, down about 10% on the week.
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Featured Picture: Shutterstock/Sergey Nivens/karnoff
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