Veteran trader Peter Brandt is warning that Bitcoin (BTC) and XRP are both flashing signals hinting at a sell-off event.
The legendary trader tells his 807,800 followers on X that Bitcoin is at risk of printing a market top after failing to breach resistance at $117,000.
According to Brandt, BTC bulls must flip the resistance level into support or Bitcoin risks flashing a double-top pattern, a technical structure that could mark the end of the bull market.
“BTC needs to get back above $117,570 to discount the past seven weeks as a possible double top. Hey trolls, this post does not mean I am bearish or bullish. Most of you trolls need to know this because you are unable to understand nuance on your own.”
At time of writing, Bitcoin is trading for $108,860.
Looking at XRP, Brandt warns that the altcoin appears to be on the verge of violating the diagonal trendline of a triangle pattern. A triangle pattern suggests that an asset is consolidating, and a move below the diagonal support could precede a downtrend.
“I post what I see. I assume strong opinions — always weakly held. I am wrong as often as I am right. If you are offended by my charts, then that is your problem. The chart of XRP is potentially very negative.”
At time of writing, XRP is trading at $2.82.
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