Peter Brandt comes out with another pessimistic forecast. BTC/USD is range-bound with a bullish bias on Tuesday. The legendary trader and tech analyst Peter Brandt is sure that the bearish potential of Bitcoin is not over yet. The analyst published a chart of bitcoin futures on the CME exchange and pointed out to Head and Shoulders (H&S) pattern, which indicates a potential decrease towards $ 3,905. Usually, only one vertex is used as the “head” of a figure, but Brandt factored the price peaks of June, July, August and September into the model. Now he is doubtful that these predictions are valid. I actually do not think this is a valid H&S top, but one never really knows until history is written, he tweeted Notably, earlier, Peter Brandt said that in order to grow to new highs towards $50,000 Bitcoin needs to survive a fall to $5,500. Bitcoin’s technical picture At the time of writing, BTC/USD is changing hands at $7,180. The coin bottomed at $6,526 on Monday and hit $7,340 during early Asian hours on Tuesday. While the intraday recovery is capped by the upper line of 1-hour Bollinger Band, a sustainable move higher will allow for an extended recovery towards $7,650 and $7,700. On the downside, the local support is created by psychological $7,000 followed by the lower line of the daily Bollinger Band at $6,830. BTC/USD, 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/CAD Technical Analysis: Bulls struggle to make it through a descending trend-line resistance FX Street 3 years Peter Brandt comes out with another pessimistic forecast. BTC/USD is range-bound with a bullish bias on Tuesday. The legendary trader and tech analyst Peter Brandt is sure that the bearish potential of Bitcoin is not over yet. The analyst published a chart of bitcoin futures on the CME exchange and pointed out to Head and Shoulders (H&S) pattern, which indicates a potential decrease towards $ 3,905. Usually, only one vertex is used as the "head" of a figure, but Brandt factored the price peaks of June, July, August and September into the model. Now he is doubtful that these predictions… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
