Veteran Dealer Warns Cardano Mimicking Bitcoin Sample That Preceded BTC’s 50% Crash – Cryptospacey
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A widely accepted veteran trader, Peter Brandt, warns that Cardano (ADA) is presenting a bearish continuation pattern.
Brandt tells To his 675,600 Twitter followers, Cardano appears to be printing a pattern of a descending triangle, suggesting that ADA has a contemporary leg down.
However, the legendary dealer says his predictions don’t need to come back to move.
“This could be a fractal chart development, often referred to as a descending triangle. If it continues inside the fractal, ADA should have another important decline. ‘Should’, not ‘should.’
Brandt’s prediction is accompanied by a side-by-side comparison chart between Cardano and Bitcoin (BTC). In the chart, each crypto-asset is in a descending triangle, albeit in multiple durations – Cardano in modern times and Bitcoin in 2018.
After being in a descending triangle pattern for about 10 months, Bitcoin continued to fall from $6,000 to $3,200 – a 47% drop.
According to the chart posted by Brandt, Cardano’s descending triangle pattern started about 4 months earlier.
Cardano is buying and selling at $0.464 at the time of writing, while Bitcoin traded arms at $19,926.
The veteran trader’s assessment of ADA is getting lower than every week earlier than Cardano’s much-anticipated Vasili arduous fork. Vasili’s laborious fork, which is predicted to lower Cardano’s transaction fees and improve scalability, is scheduled for September 22nd.
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