Bitcoin, which has regressed to $ 45,800 today, continues its sideways movements.
While the shoulder-to-shoulder formation, known as the bearish formation in Bitcoin, reduced the risk appetite of investors, a Bitcoin comment came from experienced analyst Peter Brandt.
Commenting on the head-to-shoulder formation, voiced by many analysts, the analyst used the following statements:
“Many chartists are posting that there is a shoulder head to shoulder pattern (H&S) in Bitcoin. I don’t like this review for 4 reasons.
1- Up sloping collar.
2- A deep wick on the right shoulder.
3- Shoulder head and shoulder formation is an extension of a much larger congestion zone.
4- There is no overlap between the shoulders and the head area.”
After Brandt stated that the formation in question was not fully formed, he also shared a graphic.
Answering an investor’s question about whether such classical formations work in cryptocurrencies, Brandt said, “There is a great myth circulating that classical formations do not work in cryptos. In fact, I think these signals are more reliable in cryptos than in other asset classes.” said.
*Not Investment Advice.