Veteran trader Peter Brandt warns that a bearish signal is flashing for Bitcoin, indicating that BTC could be heading towards much lower prices.
Brandt tells his 763,600 followers on social media platform
“Hey trolls, this is not a prediction. I am simply emphasizing the possibilities, not the probabilities, nor the certainties. No screenshots needed. The BTC right-angled widening triangle could project into the $70,000s and a test of the parabolic modality.
Looking at the trader’s chart, he seems to predict that BTC could fall as low as $76,614 if it breaks support at around $90,000.
Bitcoin is trading at $97,201 at the time of writing, up slightly over the past 24 hours.
Brandt also warns that Ethereum (ETH) rival Cardano (ADA) could print a head and shoulders pattern on the daily time frame and could plunge if the support level at $0.91 fails to break through. maintain.
A head and shoulders pattern is generally considered a bearish reversal pattern in technical analysis, suggesting that the asset’s uptrend is over.
“Cardano looks like a potential car crash.”
ADA is trading at $0.95 at the time of writing, up 7.2% in the last 24 hours.
Finally, Brandt suggests that the payments-focused altcoin XRP is printing an uptrend on the daily chart.
“XRP appears to resolve a half-mast flag. If so, the distance upward should equal the advance to the tip of the flag.
XRP is trading at $2.28 at the time of writing, up slightly over the past day.
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