A veteran trader says he’s preparing for Bitcoin to break to the downside.
Peter Brandt, who became a prominent name in the crypto industry for forecasting the burst of Bitcoin’s last bubble, says BTC remains in a descending triangle and will most likely move lower in the short term.
“Bitcoin meets the definition of a descending triangle. Don’t let newbie chartists tell you different. Right-angled triangles imply (but do not demand) a resolution thru the horizontal boundary.”
In the long run, Brandt says he remains long on BTC and thinks it has likely entered a fourth parabolic phase. In May, he said BTC is “taking aim at $100,000.
Bitcoin is down 1.86% at $9,799, according to COIN360 at time of publishing.
Ethereum is up 0.16% at $208.13, XRP is up 3.66% at $0.2830 and Litecoin is up 0.73% at $72.24.
NewsBTC analyst Aayush Jindal says BTC is now risking a shift down to $9,650 or lower.
“The next key support is near the $9,400 area, below which the bears are likely to take control.
They could aim the $9,000 and $8,800 levels if there is a break below $9,400.”
Here’s a look at the latest forecasts from across the cryptoverse.
NewsBTC – Bitcoin price watch: Here is why bulls must be careful
CoinDesk – Bitcoin indicator is most bearish since December
Crypto Daily – Support expected around $197, with resistance at about $213
The Merkle – XRP will most likely test $0.26 support sooner than expected
FXStreet – LTC/USD sitting just above critical support of a flag structure to the downside
Bitcoin Cash, EOS, Tron, Cardano
NewsBTC – Crypto market could extend losses: BCH, EOS, TRX, ADA analysis
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