Bitcoin's "Three Blind Mice" Pattern and Future Price Action

• Bitcoin is forming a "three blind mice" pattern, suggesting a potential downward trend.
• The pattern indicates that future price action will follow the direction of the "three blind mice."
• Peter Brandt previously mentioned this pattern in December 2022, before a sharp upside breakout in January 2023.
• Brandt warns that Bitcoin's recent rally has not disrupted the ongoing downtrend.
• Speculation suggests the pattern is a humorous take on the Three Black Crows pattern.
• Bitcoin's price has fallen 7.1% in the last three days due to geopolitical tensions and concerns about the US economy.

Summary :
Bitcoin is forming a "three blind mice" pattern, according to veteran trader Peter Brandt. This pattern is typically seen as a continuation pattern, suggesting that the direction the pattern is headed will dictate future price action. Brandt previously mentioned this pattern in December 2022, when Bitcoin was trading at around $17,000, and it later experienced a significant uptrend. Brandt cautioned that Bitcoin's recent rally has not disrupted its ongoing downtrend, stating that only a close above $71,000 confirmed by a new all-time high would indicate a continuation of the upward trend. Some traders speculate that Brandt's pattern is a humorous take on the Three Black Crows pattern, which indicates a reversal of an uptrend. The recent geopolitical tensions in the Middle East, concerns about the US economy, and the upcoming election have contributed to a 7.1% drop in Bitcoin's price in the last three days.

Sources :

- CoinTelegraph