Veteran trader Peter Brandt shared “a sacred trading rule” that he uses in response to a comment about buying Bitcoin as the price of the cryptocurrency continues to fall. “Never add to a losing deal,” he affirmed.
Peter Brandt offers retail advice
Veteran trader Peter Brandt has a trade proposition for anyone considering buying the dip. Brandt has been a futures and FX career trader since 1975. He is a chartist and author of the Factor Report. It trades in a variety of markets including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, US dollars, and sugar.
In response to a comment on Twitter that said there could be additional opportunities for long-term hodlers to buy even cheaper bitcoins in the coming months, Brandt wrote:
A sacred trading rule that I have used is never to add to a losing business.
He explained in a tweet that in 1980 people said the same thing about silver futures after they exceeded $ 50. “It then sank to a low of $ 3.65 and didn’t start again for 24 years,” he said. However, the trader made it clear that he is not predicting that Bitcoin will go down the same path.
Bitcoin’s price 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 parabolic progress in the Bitcoin Live discussion on Thursday.
Bitcoin’s analysis chart posted by Peter Brandt on Twitter. Source: Twitter.
However, he tweeted on Friday: “I saw the parabolic advance violation and commented in real time to members of Bitcoin Live, but in hindsight, I may not have taken the event seriously enough. We will see.”
He followed with another tweet. Note that “some predictions consider a one-off event. I am [a] Pupil of Bayesian probability. Predictions and analyzes always have to change in relation to the events of time, “he concluded:
As circumstances change, predictions must change. The parabola may not be the driving force in BTC.
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Bitcoin, Buy the Dip, Buy the Dip, Chartist, Peter Brandt Rat, Peter Brandt Bitcoin, Peter Brandt Charts, Peter Brandt Krypto, Peter Brandt Crypto Currency, Peter Brandt Recommendation, Peter Brandt Warning
What do you think of Peter Brandt’s advice? Let us know in the comment section below.
Kevin Helms
Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.
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