Bitcoin Forms Potential Head and Shoulders Pattern on Daily Timeframe, Warns Legendary Trader Peter Brandt

05/11 17:55

Bitcoin, the largest cryptocurrency by market capitalization, experienced a significant drop in today's trading session after failing to sustain its price rally following the release of the April CPI report. The trading week has been negative for Bitcoin as it continues to decline on its sixth consecutive bearish candle on the daily timeframe. Crypto trader Peter Brandt has raised concerns about a potential bearish chart pattern formation that Bitcoin is seen to complete on the daily timeframe, which could result in a massive decline in the price of the cryptocurrency. The key areas surrounding the second shoulder formation are decisive levels for bulls and bears to gear into action.

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