0
📰 News
2046 views

Prominent Trader Peter Brandt Still Long on Bitcoin, but Warns Bulls About Major Bearish Price Pattern

  • Alex Dovbnya
    📰 News

    Bitcoin is forming a descending triangle, but that doesn’t necessarily mean that your $7,000 buy orders will get filled anytime soon

Prominent Trader Peter Brandt Still Long on Bitcoin, but Warns Bulls About Major Bearish Price Pattern
Cover image via news.u.today
Contents

Veteran chartist Peter Brandt, who has decades of experience in commodity trading, recently shared some bad news for Bitcoin bulls. According to Brandt, BTC’s price action is caught in a descending triangle, which could indicate an imminent price breakdown.

👉MUST READ

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

Bitcoin Dominance Surges to 70 Percent as Peter Brandt Berates

Another price drop is on the cards

Descending triangles are formed when a certain asset prints a string of lower highs and horizontal lows on its macro-price chart. This pattern usually shows that buyers are becoming less enthusiastic, so traders feel emboldened to open short positions.

Notably, Brandt claims that he’s still long on BTC as a position trader, which means that he’s bullish on the top cryptocurrency in the long-term (this position type has the longest holding period). However, as a swing trader, he cannot ignore this major bearish pattern.

On Sept. 6, the Bitcoin price experienced a sharp six percent drop that came almost immediately after Jerome Powell’s comments on crypto.

👉MUST READ

Trading Legend Peter Brandt Predicts More Pain for Ripple's XRP, Bitcoin Cash, and Litecoin

Trading Legend Peter Brandt Predicts More Pain for Ripple's XRP, Bitcoin Cash, and Litecoin

A Bitcoin switcheroo

With that being said, this massive descending triangle doesn’t mean that traders should gamble away their money on BitMEX with 100x shorts. Brandt points out that this pattern has a high failure rate, and there is still a possibility that it could resolve upwards.

Hence, it’s just a guessing game until “the great Bitcoin triangle of 2019” is completed. Cryptocurrency trader Alex Krüger is certain that it will decide the future of billions of dollars.

As reported earlier by U.Today, Brandt suggested that Bitcoin could have already entered its fourth parabolic phase.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

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.

Recommended articles
0
📰 News
158 views

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.

👉MUST READ

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

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.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

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.

Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings