BTC forming head-and-shoulders pattern

Peter Brandt, a famous American trader, said in X that “Bitcoin is currently showing a typical head-and-shoulders pattern. If the pattern fits, there are three possible outcomes: ▲the pattern is completed and the trend reverses, ▲the bear trap fails to turn the trend downward, or ▲a larger pattern forms. The head-and-shoulders pattern is a pattern that appears when a stock reverses from a downtrend after the uptrend ends, and it is formed by the highest of the three highs and the lower of the two intermediate highs. The baseline placed in the middle is called the neckline, and a downward reversal is believed to occur if the relevant section is breached. Peter Brandt added, “The patterns on the chart sometimes fit, but sometimes they are modified or fail to form.”