Commodity trading veteran Peter Brandt has just rubbed salt into the wounds of some altcoins bagholders who have already experienced a lot of pain this week.
His technical analysis shows that top cryptocurrencies are on the verge of capitulation.
No moon trips for you
According to Brandt, Bitcoin Cash (BCH), Litecoin (LTC), and Ripple’s XRP are positioned for further price decline despite trimming most of their gains in 2019.
As reported earlier by U.Today, Brandt predicted that XRP could collapse $0.02, thus becoming almost worthless. He also accused Ripple of pullings the strings in order to sustain the price stability of its native token.
Still, while this TA looks undoubtedly ugly, some Twitter users rightfully pointed out that positive news sentiment could drastically change the course of things.
In fact. If fundamental news/postivie sentiment kicks in, those lines are not worth much.— Mca Portunus (@MalcolmCauchi) August 21, 2019
What the lines do tell you is what is most likely to happen though, based on the past and the likelihood of such repeating itself.
TA looks ugly, that's for sure!
At press time, every single altcoin within the top 50 (save for Bytecoin) is painted red after Bitcoin failed to breach $11,000 and started to wave the white flag.
Pullbacks are ok-ish
Brandt, who accurately predicted that Bitcoin was on the verge of parabolic advance back in April, didn’t share his take on the number one currency this time around.
No bitcoin? Or is that peachy?— Christopher Capra (@chris__capra) August 21, 2019
However, he earlier said that significant pullbacks in the 30-50 percent range are normal within a bull trend.