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 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.
Bitcoin
NewsBTC – Bitcoin price watch: Here is why bulls must be careful
CoinDesk – Bitcoin indicator is most bearish since December
Ethereum
Crypto Daily – Support expected around $197, with resistance at about $213
XRP
The Merkle – XRP will most likely test $0.26 support sooner than expected
Litecoin
FXStreet – LTC/USD sitting just above critical support of flag structure to the downside
Bitcoin Cash, EOS, Tron, Cardano
NewsBTC – Crypto market could extend losses: BCH, EOS, TRX, ADA analysis
[the_ad id=”66406″]
[the_ad id="42537"] [the_ad id="42536"]