Legendary Trader Peter Brandt Updates Outlook on Shiba Inu (SHIB), Says Bitcoin (BTC) Can Go Lower After Calling Crypto Crash

Veteran trader Peter Brandt presents his latest take on Bitcoin (BTC) and Dogecoin (DOGE) rival Shiba Inu (SHIB).

Brandt tells his 674,000 Twitter followers that the SHIB has completed an inverted head and shoulders (IH&S) pattern, a traditionally bullish formation that suggests the end of the downtrend.

Blunt suggests that SHIB is on the brink of a bullish rally after retesting previous resistance as support, or that Memecoin is in a breakdown that will drive prices lower.

Will SHIB keep the neckline support, or should we drop the letter ‘B’ and adopt another letter that comes later in the alphabet?

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 at Bitcoin, veteran traders say the largest crypto asset by market capitalization has completed a bearish wedge upward pattern and is now vulnerable to price declines.

For all practical purposes, Bitcoin BTCs upward wedge target has already been met. That in itself is no reason to be bullish, nor does it mean that BTC cannot go lower.

Last week, Brandt warned crypto traders of a possible crash after discovering Bitcoin was printing bearish patterns.

As of this writing, Bitcoin is trading at $21,544, down about 10% over the week.

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