Peter Brandt, a veteran trader with over 40 years of experience, has recently updated his view on the price trend of Shiba Inu (SHIB), the hottest dog-themed digital currency in the market.
It can be recalled that Brandt showcased his bullishness on the trend of SHIB a day before the digital token recorded over 30% price uptrend within 24 hours.
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In a chart on trading view back then, Brandt showed that Shiba Inu (SHIB) had entered a bullish trend that may last for weeks. According to the experienced trader, the digital token completed the inverted Head & Shoulder (H&S) pattern, which is a major signal for a trend reversal.
However, in a recent tweet, Brandt pointed out that Shiba inu (SHIB) is either on the edge of a bullish rally after retesting the previous resistance as support or a bearish trend that could send it down to lower prices.
Captioning an illustrative chart, Peter Brandt tweeted, “With SHIB hold above neckline support, or will we need to drop the letter “B” and adopt a different letter that comes later in the alphabet?”
With $SHIB hold above neckline support, or will we need to drop the letter "B" and adopt a different letter that comes later in the alphabet?💩 pic.twitter.com/vZQQI61JK1
— Peter Brandt (@PeterLBrandt) August 20, 2022
At the time of writing, SHIB is trading at $0.00001299, with about a 3% price downtrend in the last 24 hours, according to CoinMarketCap. The digital token is also down 18% in the last seven days.
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As for Bitcoin (BTC), the trader said the largest crypto by market cap has completed a bearish rising wedge pattern and is now liable to see more price downtrends:
“For all practical purposes the target of the rising wedge in Bitcoin BTC has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet.”
For all practical purposes the target of the rising wedge in Bitcoin $BTC has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet pic.twitter.com/fB3sGa9e6o
— Peter Brandt (@PeterLBrandt) August 20, 2022
Last week, Brandt also warned crypto traders of a possible crash after noticing that Bitcoin was printing the bearish pattern.
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