#BSCTradingTips

This Bitcoin Pattern Could Be a Trap...!!!?

The largest cryptocurrency by market capitalization has now formed the inverse head-and-shoulders pattern on the daily chart, which is typically believed to be a sign of bullish reversal. However, there is a catch: The pattern that the Bitcoin price is currently developing has a downward-sloping neckline.

Brandt, who has more than four decades of experience as a commodity trader, says that he prefers H&S patterns with horizontal necklines since they are significantly more reliable.

The downward-sloping neckline means that the cryptocurrency's bullish momentum is possibly waning due to the lack of aggressive buying. Hence, one should not rule out that any future breakout will end up being a fakeout, with the price plunging back below the neckline of the pattern.