According to Peter Brandt, the formation of a "double top" pattern can be traced on the chart of the first cryptocurrency, which may indicate a change in trend and the transition of an asset into a "bearish" phase
Trader Peter Brandt discovered that a “double top” pattern is forming on the bitcoin chart, which indicates a change in trend and the transition of an asset into a “bear” phase.
In technical analysis, a double top pattern indicates a trend reversal.
Brandt warned that the figure has not yet formed, so it is too early to draw any conclusions. The analyst also wondered why the formation of this pattern is not discussed by the crypto community on Twitter.
Allow me to educate the novice chartists among you. A chart pattern is NOT NOT NOT a chart pattern until it is completed and confirmed. Until that time it is only of passing interest to me.
— Peter Brandt (@PeterLBrandt) December 10, 2021
On December 4, for the first time since the end of September, the price of bitcoin dropped to $ 42 thousand. During the day, the asset became cheaper by more than 20%.
A sharp drop in quotations provoked a massive liquidation of positions, as a result of which traders lost more than $ 2.5 billion. On November 10, Bitcoin updated its historical maximum above $ 69 thousand. Since then, it has fallen in price by 30%. on December 10, the asset is trading at $ 48 thousand.
