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Legendary Trader Peter Brandt Expects ADA to Plunge After This H&S Pattern

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Fri, 07/30/2021 - 13:04
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Yuri Molchan
Savvy trader Peter Brandt believes ADA would likely go down sharply due to a reversal Head and Shoulders pattern
Legendary Trader Peter Brandt Expects ADA to Plunge After This H&S Pattern
Cover image via www.peterlbrandt.com
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Savvy commodity trader Peter L. Brandt has taken to Twitter to share his take on the further movement of Cardano's native currency, ADA.

According to the same tweet, back in 2018, he already predicted the plunge of Litecoin, from which LTC managed to recover only in 2019 and again early this year.

He tweeted that he remembers being "scoffed at unmercifully" when he spotted a Descending Triangle pattern followed by the Litecoin plunge from the $315 level first, down to $136, and then on to the $36 price mark.

On the second chart, Brandt has identified a reverse Head & Shoulders pattern, which is usually followed by a decline (or by a rise if we talk about an inverse Head & Shoulders formation), on an ADA chart.

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Image via Twitter

The fifth-largest cryptocurrency, ADA, is changing hands at $1.26, and the trader expects it to start going down soon—in August, according to the chart.

As covered by U.Today earlier, Brandt also identified a Head & Shoulders pattern on a Dogecoin chart.

In the comment thread, Brandt admitted that he never shorts altcoins but only sometimes shorts Bitcoin CME futures.

Related
Legendary Trader Peter Brandt Believes This Bitcoin Rally Could Falter

Earlier today, the old-school commodity trader shared his expectations that the current Bitcoin rally could fail to advance much further.

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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.