Notable Trader Brandt Identifies a Bitcoin Bearish Pennant, Forecasts Further Dips
Citing data from a daily Bitcoin (BTC) chart, Peter Brandt advises caution, as he identifies a bearish pennant pattern formed by the asset. After a brief period of revival, Bitcoin (BTC) has succumbed to bearish pressure, resulting in intermittent declines that have pushed the asset below the $27,000 threshold. With market participants hopeful for a recovery, experienced trader Peter Brandt foresees the possibility of the asset dropping even further from its present position. In a recent tweet, Brandt identified a bearish pennant pattern formed by BTC on its daily chart. This is known as a pennant or flag and has short term bearish implications unless negated by close above mid point highs. $BTC pic.twitter.com/kLz6aTHMrz — Peter Brandt (@PeterLBrandt) May 24, 2023 According to the accomplished analyst, the pennant signals a short-term bearish price movement for Bitcoin unless the asset is able to close above the mid-point highs. Closing above the mid-point wou...