Legendary trader Peter Brandt updates Shiba Inu (SHIB) outlook and says Bitcoin (BTC) may decline after Crypto Crash call
Veteran trader Peter Brandt is offering his latest take on Bitcoin (BTC) and Dogecoin (DOGE) competitor Shiba Inu (SHIB).
Brandt is sharing with his 674,000 Twitter followers that SHIB has just completed an inverse head and shoulders (IH&S) pattern, a traditionally bullish formation that suggests the end of a downtrend.
Brandt suggests that SHIB is either on the verge of a bullish rally after retesting previous resistance as support, or a breakdown will occur, taking the memecoin to lower prices.
“Will SHIB support the snippet, or do we have to drop the letter ‘B’ and use a different letter that comes later in the alphabet?”
Source: Peter Brandt/Twitter
At the time of writing, SHIB is trading at $0.000013, up 5% over the past 7 days and still above the neckline of the pattern.
Looking to Bitcoin, the veteran trader says the largest crypto asset by market cap has completed a bearish rising wedge pattern and is now vulnerable to lower prices.
“For all practical purposes, the Bitcoin BTC rising wedge target has already been reached. That’s not a reason to be optimistic per se, and it doesn’t mean BTC can’t go lower just yet.”
Last week, Brandt warned crypto traders of a possible crash after spotting Bitcoin printing the bearish pattern.
At the time of writing, Bitcoin is changing hands at $21,544, down about 10% on the week.
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