Veteran Trader Peter Brandt Issues Bitcoin Warning, Says BTC Is Now Trending Down

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Longtime trader Peter Brandt warns that Bitcoin (BTC) is losing support and could take a sharp downward move.

Brandt tells his 697,000 Twitter followers that Bitcoin’s steady price action in the $25,000 range is now starting to break down.

Loaded down for now.

Source: Peter Brandt/Twitter

According to Brandt, Bitcoin’s price action has created a critical price level that has prepared it for a major move based on multiple indicators, including a downward 18-day moving average (MA) and an 8-day MA. .

Four closed numbers within 3/10ths of the 1% range. This is the definition of price equilibrium. Hinge behavior.

Source: Peter Brandt/Twitter

A hinge is a term investors use to describe when a significant trend reversal in a digital asset is about to occur.

Bitcoin is trading at $24,930 at the time of writing, down 4.1% in the past 24 hours.

As crypto markets plunge, Brandt predicts Bitcoin will outperform all other digital assets, including the top altcoin, smart contract platform Ethereum (ETH).

Bitcoin is the ONLY bet in crypto that will complete the marathon. All others are just wannabes or scams, including ETH.

It compares the two best performing cryptos to the precious metals gold and silver.

Silver is to ETH what gold is to BTC. ETH will likely survive but BTC is the legacy.

Ethereum is trading at $1,640 at the time of writing, down 5.7% in the past 24 hours.

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