CandleFocus

Bitcoin Head and Shoulders Invalidated? Brandt Calls Sweep of the Lows “Significant”

According to veteran commodities trader Peter Brandt, the recent bounce in the price of Bitcoin has notable implications. Brandt has previously highlighted a head-and-shoulders pattern on Bitcoin's daily candle chart and suggested three possible outcomes, including a drop to $75,000 or a bear trap. Following Monday's price action, Brandt appears to be leaning more towards the second possibility. Bears have taken significant losses with the recent bounce, with shorts losing $133 million compared to only $16 million for longs. Bitcoin is currently trading just below $95,000, representing a nearly 2% gain over the past 24 hours.

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