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Peter Brandt Calls Dogecoin's Pattern “Double-Headed Monster”, Hinting at Possible Further Decline

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Mon, 07/19/2021 - 14:32
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Yuri Molchan
Savvy trader Peter Brandt has shared a Dogecoin chart, calling the asset a "double-headed monster," here's why
Peter Brandt Calls Dogecoin's Pattern “Double-Headed Monster”, Hinting at Possible Further Decline
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Old-school commodity trader Peter Brandt, who often publishes Bitcoin graphs, has taken to Twitter to share a Dogecoin chart this time.

He has referred to the most popular—and so much loved by centibillionaire Elon Musk—meme coin as a "double-headed monster."

The chart Brandt has published shows a Head & Shoulders pattern forming for DOGE. Only in this case, the pattern has two heads. H&S is a pattern that usually promises a reverse of the asset price.

Related
Dogecoin Forms Reversal Pattern, Peter Brandt Says Further Decline May Occur

An upside-down H&S predicts a bullish move. By posting his chart, Brandt, it seems, expects Doge to continue moving downward.

Earlier this month, Brandt has already published a similar DOGE pattern. However, he warned that when patterns are formed they do not necessarily work literarily.

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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.