Peter Brandt has spotted an ominous bearish pattern on the Bitcoin chart
one in Recent TweetLeading trader Peter Brandt claims that Bitcoin, the leading cryptocurrency, is in the process of forming an ascending wedge pattern.
The ominous warning comes as the top coin is struggling to gain footing above the $24,000 level after recording its best month of the year in July. It is trading at $23,926 on the Bitstamp exchange at press time.
A rising wedge is a bearish chart pattern that occurs during a downtrend.
The pattern, which resembles a bear flag, is formed when two trendlines converge once the trading range narrows after a series of higher lows and higher highs.
It is worth noting that a rising wedge formation is generally regarded as a bearish indicator that appears to be on the verge of a potential price breakout. There are, however, some caveats. As Brandt points out, the majority of emerging trading patterns end up forming something else. Hence, there’s no guarantee that the rising wedge pattern will be completed.
In a separate tweet, Brandt claims that bitcoin is a religion, taking a dig at the cult community behind the largest cryptocurrency.
As reported by U.Today, the veteran chartist recently noted that the Shiba Inu cryptocurrency had completed a head-and-shoulders pattern. He believes that the second-largest meme coin is currently in a bullish trend.
