The post Veteran Crypto Trader Says Bitcoin Is Forming A ‘Three Blind Mice’ Pattern, What Does This Mean? appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Veteran crypto trader Peter Brandt has stated that Bitcoin (BTC) is forming a ‘three blind mice’ pattern without confirming whether this is bullish or bearish for the flagship crypto. His statement has got the crypto community searching for answers as to what this pattern might mean for BTC.  Veteran Crypto Trader Says Bitcoin Has Formed ‘Three Blind Mice Pattern’ Peter Brandt stated in an X post that Bitcoin had formed the infamous “Three Blind Mice and a Piece of Cheese” trading pattern. However, the veteran trader didn’t provide more insights as to what he meant by this pattern. His accompanying chart suggested that this might be bearish for BTC as the last candlesticks that formed on the chart hinted at a downtrend.  Related Reading Source: X The ‘Three Blind Mice’ pattern is said to appear after an uptrend in the market, indicating a bearish reversal. This means that the bears now have the upper hand in the market, and Bitcoin is likely to suffer more downward pressure. Indeed, this looks to be Bitcoin’s current price action considering the crypto’s retracement since it climbed above $65,000 last week.  Bitcoin rose above $65,000 as it headed for its best monthly close in September since 2013. However, since October began, the flagship crypto has witnessed a significant price correction, suggesting that it might once again be in bearish territory. BTC has yet to lose its critical support at $60,000, which has provided some comfort to the Bulls.  Bitcoin’s price correction has been primarily due to the rising tensions in the Middle East, with the escalation of the conflict between Israel and Iran. The flagship crypto retested the $60,000 support level following Iran’s missile strike on Israel.  Meanwhile, Peter Brandt’s earlier X post suggests that the veteran…

---

Filed under: News - @ October 3, 2024 2:27 pm