Veteran dealer Peter Brandt has shared “a sacred trading rule” he makes use of in response to a remark about shopping for bitcoin as the price of the cryptocurrency continues to fall. “Never add to a losing trade,” he affirmed.
Peter Brandt Offers Trading Advice
Veteran dealer Peter Brandt has a buying and selling suggestion for anybody contemplating shopping for the dip. Brandt has been a futures and FX profession dealer since 1975. He is a chartist and the creator of the Factor Report. He trades quite a lot of markets, together with Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. greenback, and sugar.
Replying to a touch upon Twitter stating that there could also be extra alternatives for long-term hodlers to purchase even cheaper bitcoin in the coming months, Brandt wrote:
A sacred buying and selling rule I’ve used isn’t add to a dropping commerce.
He defined in a tweet that folks had been saying the identical factor 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 careworn. The dealer clarified, nevertheless, that he’s not predicting that bitcoin will comply with the identical path.
The price of bitcoin has fallen considerably this week, dropping over 10% in the previous seven days. At the time of writing, the price is $41,657.45 based mostly on knowledge from Bitcoin.com Markets.
Brandt commented on bitcoin’s violation of the parabolic advance on the Bitcoin Live dialogue 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 adopted up with one other 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 should change. The parabola may not be the driving power in BTC.
What do you consider Peter Brandt’s recommendation? Let us know in the feedback part beneath.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the firm nor the creator is accountable, immediately or not directly, for any harm or loss brought on or alleged to be attributable to or in reference to the use of or reliance on any content material, items or providers talked about on this article.