In a recent tweet, trader Peter Brandt has warned cryptocurrency traders that Bitcoin, the largest cryptocurrency, has formed the “three blind mice” chart pattern.
Even though some of Brandt’s followers assumed that he just made up the name of the chart construction, the commodity trader has repeatedly used the term in the past to describe what appears to be a continuation pattern.
Notably, the cryptocurrency trader tweeted about the “famous six-blind-mice signal” back in April 2020. Back then, the world’s largest cryptocurrency was gearing up for a massive bull run that started a few months after Brandt shared that chart analysis.
The construction outlined spotted by Brandt appears to be similar to the "three black crows" pattern, but that pattern consists of three consecutive long-bodied red candles. This is not the case on the chart shared by Brandt. The "three white soldiers" pattern is the opposite of the "three black crows" chart construction, which has three long-bodied green candles.Earlier today, the price of Bitcoin dropped to an intraday low of $16,743 on the Bitstamp exchange after Mazars, the French financial auditing firm behind Binance's proof-of-reserves (PoR) audit, abruptly halted all crypto work.
The cryptocurrency market remains down 75.64% from its all-time peak of $69,044.
Denys Serhiichuk
Arman Shirinyan