Analyst Peter Brandt says that Bitcoin is losing support and could make a sharp move to the downside. According to Brandt, Bitcoin’s price action has created a critical price level that prepares for a major move based on several indicators including the 18-day bearish moving average (MA) and the 8-day MA:
The closing figure is in the range of 3/10 of 1%. This is the definition of price equilibrium. ‘Hinge’ behavior.
“Hinge” is a term traders use to describe the moment when a major trend reversal in a digital asset is about to occur.
The analyst also shared his views on ETH, the king of altcoins. Brandt doesn’t think Bitcoin’s closest competitor will perform much differently than other cryptocurrencies. She expects him to make bigger bottoms like the others. Brandt likens BTC and ETH to Gold and Silver. Peter said:
Bitcoin is the ONLY bet to finish the marathon in crypto. Others, including ETH, are just wannabes or scams. Gold BTC is silver ETH. ETH will probably survive but BTC is legendary.