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

  • Alex Dovbnya
    📰 News

    Trading vet Peter Brandt says that descending triangles are mostly bearish, but the market will defy everyone’s expectations

Peter Brandt Warns Bitcoin Traders About Descending Triangle While Trolling Crypto Twitter
Cover image via news.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.

 

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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.

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“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.”


 

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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.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

Subscribe to News.U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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