Peter Brandt Warns Bitcoin Traders About Descending Triangle While Trolling Crypto Twitter

Libra Coin News
Sun, 09/22/2019 - 10:38
Alex Dovbnya
Trading vet Peter Brandt says that descending triangles are mostly bearish, but the market will defy everyone’s expectations
Cover image via U.Today
Contents

Commodity trading legend Peter Brandt couldn’t resist the temptation to stir some buzz on crypto Twitter during the weekend.  

In his recent tweet, he once again weighs in on the great descending triangle of 2019, but the majority of his followers couldn’t read between the lines.

 

Related
Bitcoin Dominance Surges to 70 Percent as Peter Brandt Berates "Altcoin Junkies"

The great triangle debate  

Just two weeks ago, Brandt claimed that Bitcoin might have already entered its fourth parabolic phase. The famed chartist projected that BTC could hit more up to $140,000 during its next bull run, which would be still considered a conservative prediction by venture capitalist Tim Draper.

He later tweeted about a descending triangle, a major bearish chart pattern that could serve as a harbinger of future losses. While still being long on BTC, he insisted that he couldn’t ignore this formation as a swing trader.

This time, he also pointed out that markets tend to behave contrary to everyone’s expectations, adding that descending triangles tend to be bearish.

Related
$150 Mln Worth of Longs Liquidated on BitMEX After Its CEO Arthur Hayes Posted His $20,000 Bitcoin Price Prediction

“A millennial spanking”

Some of Brandt’s followers were up in arms about his seemingly bearish call, claiming that everyone actually expects BTC to go down because of technical analysis.

Meanwhile, some Bitcoin bears were celebrating the fact that now they have a trading vet on their team.
 

However, those who misunderstood his tweet eventually ended up with an egg on their faces after Brandt sarcastically thanked his mostly millennial audience and admitted his “mistake.”


 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.