According to veteran trader Peter Brandt, Bitcoin price will not rise until the leading cryptocurrency performs a rally that will eliminate critical resistance areas.
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Brandt says that Bitcoin has been stuck in the middle of roughly $30,000 to $40,000 for over three weeks, showing that the bulls are not controlling the market.
According to Brandt’s chart, Bitcoin is facing two resistances above $35,000 and $40,000. The veteran trader previously said that the bulls need to make a breakthrough to prevent the market from falling further.
The trader adds that the head and shoulders (H&S) pattern that formed about two months ago is complete as Bitcoin has dropped by about 30% after breaking the neckline of the pattern. Traders interpret the head and shoulders pattern as a bearish signal. This shows that the uptrend is turning on the contrary:
Brandt also closely monitors Dogecoin’s price action. The experienced trader says that the altcoin also forms a head and shoulders pattern.
While the head and shoulders pattern looks bearish, the seasoned trader pattern highlights that a DOGE trend reversal may not occur as technical trading patterns often fail:
Dogecoin (DOGE) is trading at $0.1935 at the time of publication.