Veteran Trader Peter Brandt Shares "Sacred Trading Rule" as Bitcoin Falls, Warns Against Buying the Dip
Veteran trader Peter Brandt has shared “a sacred trading rule” he uses in response to a comment about buying bitcoin as the price of the cryptocurrency continues to fall. “Never add to a losing trade,” he affirmed. Peter Brandt Offers Trading Advice
Veteran trader Peter Brandt has a trading suggestion for anyone considering buying the dip. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar.
Replying to a comment on Twitter stating that there may be additional opportunities for long-term hodlers to buy even cheaper bitcoin in the coming months, Brandt wrote: A sacred trading rule I have used is never add to a losing trade.
He explained in a tweet that people were saying the same thing about silver futures in 1980 after it topped $50. “lt then sank to a low of $3.65 and did not start back up for 24 years,” he stressed. The trader clarified, however, that he is not predicting that bitcoin will follow the same path.
The price of bitcoin has fallen significantly this week, losing over 10% in the past seven days. At the time of writing, the price is $41,657.45 based on data from Bitcoin.com Markets.
Brandt commented on bitcoin’s violation of the parabolic advance on the Bitcoin Live discussion Thursday. Bitcoin’s analysis chart posted by Peter Brandt on Twitter. Source: Twitter.
However, he tweeted Friday: “I saw the violation of the parabolic advance and commented on it in real time to members of Bitcoin Live in real time, but in hindsight, I might not have taken the event seriously enough. We’ll see.”
He followed up with another tweet. Noting that “Some view predictions as a ‘one-and-done’ event. I am [a] student of Bayesian probability. Predictions and analysis must always morph relative to the events of the time,” he concluded: When circumstances change, predictions must change. The parabola might not be the driving force in BTC. Tags in this story Bitcoin, buy the dip, buying the dip, chartist, Peter Brandt advice, Peter Brandt bitcoin, Peter Brandt charts, Peter Brandt crypto, Peter Brandt cryptocurrency, Peter Brandt recommendation, Peter Brandt warning
What do you think of Peter Brandt’s advice? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Crypto Fear and Greed Index Score Hits 5 Month Low, Analyzed Sentiment Points to "Extreme Fear" MARKETS AND PRICES | 2 hours ago $2.7 Billion in NFT Sales Recorded Last Month — Ethereum, Ronin, Solana Top 3 NFT Networks MARKETS AND PRICES | 14 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePakistanis Lose Millions to Crypto Scam, Pakistan Issues Notice to Binance Next articlePaypal Coin: Payments Giant Explores Launching Stablecoin to Boost Crypto Offerings Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItHP-Branded Servers Hijacked to Mine $110,000 Worth of Cryptocurrency
Hackers recently took control of a group of HP-branded servers and used them to remotely mine a cryptocurrency called raptoreum, according to reports. This resulted in the compromised cluster of HP machines becoming the biggest contributor to the total mining ... read more.Crypto Scammer Arrested in Bangkok After Fleeing With 500 Million Baht Mexico"s Third Richest Billionaire"s Advice: Invest in Bitcoin, Stay Away From Dollars, Euros This Year"s Top 10 Crypto Asset Gainers Outshined BTC"s and ETH"s 12-Month Returns Colombian Real Estate Platform Allows Users to Acquire Property With Bitcoin