Brandt has warned crypto traders of a bearish chart pattern forming on the Bitcoin chart.
Per a tweet from the veteran trader today, Peter Brandt has warned traders of a bearish chart pattern forming on the Bitcoin daily chart.
Please all be aware that Bitcoin $BTC is developing the infamous «three blind mice» chart construction. pic.twitter.com/YeZHaHiOev
— Peter Brandt (@PeterLBrandt) December 16, 2022
While Brandt describes it as the “three blind mice” chart pattern, the pattern highlighted is identical to the three black crows chart pattern. Notably, It is a bearish pattern that indicates the reversal of an uptrend. The pattern forms when bears dominate the market for three consecutive trading sessions and is identified by three long-bodied bearish candles.
Brandt does not specify a price target for the chart pattern should it hold up.
Per a previous report, the veteran analyst believed the digital asset would find a bottom at the $13k price point after a steep drop. However, in a tweet in early November, while not stating an apparent reason, Brandt, asserting that he still expected the price to trend lower, said that a steep price drop “may NOT happen.”