Bitcoin

Veteran trader Peter Brandt has noted that Bitcoin is forming a “three blind mice” pattern, with some interpreting the message to mean that the asset may tumble lower in the coming days.&nbsp;
In an Oct. 2 <a data-ct-non-breakable="null" href="https://x.com/peterlbrandt/status/1841571128877449358?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" rel="null" target="null" text="null" title="null">post</a> on X, Brandt told his 740,000 followers that Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) is forming the “infamous Three Blind Mice and a Piece of Cheese” trading pattern.
<figure>
 <img alt="Bitcoin is again forming a ‘three blind mice’ trading pattern: Peter Brandt" name="" src="https://s3.cointelegraph.com/uploads/2024-10/0192506e-a02a-71d5-bd4c-93bf497f9608">
 <figcaption style="text-align: center;">
 Source: Peter Brandt
 </figcaption>
</figure>
According to technical analysis <a data-ct-non-breakable="null" href="https://www.morpher.com/blog/three-blind-mice-chart-pattern#:~:text=The%20Three%20Blind%20Mice%20pattern%20is%20a%20chart%20formation%20that,before%20a%20significant%20price%20movement." rel="null" target="null" text="null" title="null">data</a> from trading platform Morpher, the “three blind mice” pattern is typically seen as a “continuation” pattern, meaning that whatever direction the “three blind mice” are headed is where future price action will follow.&nbsp;
Brandt last <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1603774291421433856" rel="null" target="null" text="null" title="null">mentioned</a> the three blind mice pattern in a <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1603774291421433856" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/PeterLBrandt/status/1603774291421433856">post</a> on X on Dec. 17, 2022, when Bitcoin traded for about $17,000 and entered a weekslong slump before breaking out sharply to the upside in January 2023.&nbsp;
In an earlier Oct. 2 post on X, Brandt cautioned traders that Bitcoin’s most recent rally did not “disturb the 7-month sequence of lower highs and lower lows,” adding that Bitcoin is still locked in an ongoing downtrend. “Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force,” wrote Brandt.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-breaking-74k-btc-price-chart-mid-term-bearish" rel="null" target="null" text="null" title="null">Bitcoin breaking $74K will ‘take time’ as BTC 'moves to neutral’ — Analyst</a>
Several traders have <a data-ct-non-breakable="null" href="https://x.com/aDiegoRamirez/status/1603784491084009477" rel="null" target="null" text="null" title="null">speculated</a> that Brandt’s “three blind mice” pattern is a more humorous take on the “<a data-ct-non-breakable="null" href="https://www.investopedia.com/terms/t/three_black_crows.asp" rel="null" target="null" text="null" title="null">three black crows</a>” pattern, which is used to indicate the reversal of an uptrend.&nbsp;
The pattern’s namesake may also stem from the famous nursery <a data-ct-non-breakable="null" href="https://youtu.be/lgf5iTWf-yQ?feature=shared" rel="null" target="null" text="null" title="null">rhyme</a>, which repeats two stanzas of “three blind mice” with “see how they run.”
The price of Bitcoin has tumbled 7.1% in the last three days, with the sharp 72-hour downturn erasing nearly 12 days of gains.&nbsp;
<figure>
 <img alt="Bitcoin is again forming a ‘three blind mice’ trading pattern: Peter Brandt" name="" src="https://s3.cointelegraph.com/uploads/2024-10/01925070-1e30-7ca2-9c24-590e55e5b0b9">
 <figcaption style="text-align: center;">
 Bitcoin has fallen 7.1% in the last three days. Source: CoinGecko
 </figcaption>
</figure>
The price of Bitcoin has plunged as markets were spooked by escalating geopolitical tensions in the Middle East, made worse by mounting concerns about the strength of the US economy and the outcome of the upcoming election.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoiners-all-in-trump-since-bitcoin-2024-getting-risky/" rel="null" target="null" text="null" title="null">Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky</a>

Bitcoin is again forming a ‘three blind mice’ trading pattern: Peter Brandt

Cointelegraph

Other articles published on Oct 3, 2024

OKX Lists PayPal USD (PYUSD) For Spot Trading Starting Oct 2024

Altcoins Market Crash: How Low Will Altcoins Drop?

Cardano Price Prediction As ADA Overtakes SOL

New Grayscale Aave Trust Launched to Expand Investments to DeFi

Circle Expands USDC Access in Brazil and Mexico via PIX and SPEI Real-Time Payment Systems

Binance Secures Regulatory Approval in Argentina, Offering Full Crypto Services to Local Users

Join our free newsletter for daily crypto updates!