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
11 dni temu
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.
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 $41,657.45 based on data from Bitcoin.com Markets.
Brandt commented on bitcoin’s violation of the parabolic advance on the Bitcoin Live discussion Thursday.
However, he tweeted Friday: “I saw the violation of the parabolic advance and commented on it in real time to members of Bitcoin Live in real time, but in hindsight, I might not have taken the event seriously enough. We’ll see.”
He followed up with another tweet. Noting that “Some view predictions as a ‘one-and-done’ event. I am student of Bayesian probability. Predictions and analysis must always morph relative to the events of the time,” he concluded:
When circumstances change, predictions must change. The parabola might not be the driving force in BTC.
What do you think of Peter Brandt’s advice? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Zgarnij 46 PLN zarobku
Zgarnij 30$ za polecenie
Polecaj znajomym platformę TradingView i zgarnij do 30$ prowiz
Zgarnij 225 tokenów CHNG + 10 za polecenie znajomemu
Chainge rozdaje na airdrop darmowe tokeny CHNG. Załóż konto w Chainge i wykonuj proste zadania społecznościowe, aby zdobyć do 200 punktów. Zdobądź również 10 punktów