u.today
Savvy commodity trader Peter L. Brandt has taken to Twitter to share his take on 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.
I remember being scoffed at unmercifully when I identified this top in $LTCUSD back in mid 2018
— Peter Brandt (@PeterLBrandt) July 30, 2021
Hey Cardano trolls $ADAUSD , take aim... pic.twitter.com/3gytNHW4cR
He tweeted that he remembers being “scoffed 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 pattern of Head & Shoulders which is usually followed by a decline (or by a rise if we talk about an inverse Head & Shoulders formation), on an ADA chart.
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 patter on a Dogecoin chart.
In the comment thread, Brandt admitted that he never shorts altcoins but only sometimes shorts Bitcoin CME futures.
Earlier today, the old-school commodity trader shared his expectations that the current Bitcoin rally could fail to advance much further.