Peter Brandt, a leading chart analyst was one of the first traders to call out a bottom below 85% during the bull cycle of 2017. Recently, he suggested that the bottom in Bitcoin [BTC] was in during the December 2018 lows. Moreover, he also indicated that we can look forward to another parabolic rise again in Bitcoin in the recent future.
Peter Brandt said in a post recently:
“For now I am holding strong, but one always needs to know where the exit doors are located.”
Therefore, while maintaining his bullish stand, Brandt has listed out the stop loss levels to watch out for in some of the top cryptocurrencies. For Bitcoin (BTC), Peter said that caution must be practiced below the $4780 level as it would trigger the first bearish signs, according to him.
Stop Losses On Bitcoin and Altcoins
Brandt seems to be optimistic about most cryptocurrencies. Moreover, most cryptocurrencies are coupled with one another, i.e., a rise and fall are reciprocated across all coins. However, he has laid out ‘yellow flag’ signals for most of the top coins.
According to him, the cautionary level or stop losses to watch out for are:
Ethereum seems to be moving in an ascending triangle. However, taking a cue from the market it broke above the triangle and is currently trading above the $160 resistance. However, Peter suggested that
“A decline and close below $151 or so by ETH would be a yellow flag.”
Monero (XMR) broke out from a comparatively symmetrical triangle and is trading below the resistance of $73. However, a break below the parallel channel of $60 could trigger the cautionary signal in Monero (XMR).
XRP seemed to be moving in a descending triangle. However, the rise in XRP hasn’t been as impressive as other altcoins. a break-out was observed but was weaker than the other altcoins and the price has subsidized back again.
Peter mentioned that:
“A decline below $.3100 by XRP would be the biggest yellow flat of all — and a move below .$2800 would be an outright SELL signal.”
Do you agree with his analysis? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com