Legendary Trader Peter Brandt Issues Crypto Alerts, Warns Bitcoin (BTC), XRP Flashing Bearish Signals
Veteran trader Peter Brandt is warning that Bitcoin (BTC) and XRP are both flashing signals hinting at a sell-off event.
The legendary trader tells his 807,800 followers on X that Bitcoin is at risk of printing a market top after failing to breach resistance at $117,000.
According to Brandt, BTC bulls must flip the resistance level into support or Bitcoin risks flashing a double-top pattern, a technical structure that could mark the end of the bull market.
“BTC needs to get back above $117,570 to discount the past seven weeks as a possible double top. Hey trolls, this post does not mean I am bearish or bullish. Most of you trolls need to know this because you are unable to understand nuance on your own.”
At time of writing, Bitcoin is trading for $108,860.
Looking at XRP, Brandt warns that the altcoin appears to be on the verge of violating the diagonal trendline of a triangle pattern. A triangle pattern suggests that an asset is consolidating, and a move below the diagonal support could precede a downtrend.
“I post what I see. I assume strong opinions — always weakly held. I am wrong as often as I am right. If you are offended by my charts, then that is your problem. The chart of XRP is potentially very negative.”
At time of writing, XRP is trading at $2.82.
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The post Legendary Trader Peter Brandt Issues Crypto Alerts, Warns Bitcoin (BTC), XRP Flashing Bearish Signals appeared first on The Daily Hodl.