Trader Peter Brandt: BTC is forming a head and shoulders top pattern

ChainCatcher news, senior trader Peter Brandt posted on X that the BTC chart is forming a classic H&S (Head and Shoulders) top pattern. The BTC H&S pattern may have the following three developments:

• Complete and trend towards the target level
• Fail due to a bear trap
• Transform into a larger pattern

He later added, "I am just pointing out the pattern that seems to be forming. They often morph or fail, and sometimes they work. My win rate is slightly above 50%, so that indicates that many of the patterns I trade do not work. For me, chart patterns are just that, not opinions or positions."