Veteran trader Peter Brandt says “no moon shot” for bitcoin if BTC doesn’t reach these critical levels

Veteran trader Peter Brandt says the price of bitcoin won’t be higher until the flagship cryptocurrency overcomes the rally to occupy key resistance areas.

Bitcoin has been stuck in the $ 30,000 to $ 40,000 December for more than three weeks, Brandt said, indicating that bulls are not controlling the market.

 
“At that point, price couldn’t get off the mat. 23 consecutive days in the lower half of the trading December. No moon shot until you get out of your knees.”

Source: Peter Brandt / Twitter
Bitcoin faces two resistances above $ 35,000 and $ 40,000, according to the Brandt chart. Earlier, he said Bulls needed to take steps to prevent the market from falling further.

The veteran trader adds that the head and shoulders (H and S) pattern formed about two months ago was complete as king crypto collapsed by about 30% after breaking the formation’s neck. Traders see the head-and-shoulder pattern as a bearish signal as it allows for a reversal of the upward trend.

“The H and s Summit at BTC, which ended in mid-May, fulfilled its mission”

Source: Peter Brandt / Twitter
Brandt also closely follows Dogecoin’s price movement. According to an experienced trader, it also shapes the head and shoulder model with neck support at $ 0.20.

Source: Peter Brandt / Twitter
While head and shoulder formation is bearish, the formation of an experienced trader emphasizes that it is not necessary to reverse the Doge trend if technical trading models often fail.

“It is always worth noting that a template is not a template until it is completed. Then, at this point, the completed template can perform several actions:

Failure is a real move in the other direction
Return and evacuate everyone
The results of the execution”

At the time of writing, Dogecoin was trading at $ 0.20, according to Coinmarketcap.

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