Peter Brandt Warns Bitcoin Caught in Descending Triangle, Unveils Long-Term Bet on Crypto – BTC, Ethereum, XRP, Litecoin Forecasts

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As the price of Bitcoin wobbles toward $10,000, traders are looking at the short-term possibilities ahead.

Veteran trader Peter Brandt, known for calling the start of the last bear market, says BTC is in a descending triangle and likely to break to the downside.

When asked how the analysis meshes with Brandt’s assertion that Bitcoin is in the early stages of another parabolic bull run, Brandt says he remains bullish in the long term.

“Different time frames. As usual, we need to react and not get too far out predicting. I still have a sizable position bet on the bullish outcome.

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In full disclosure, I must inform you that I am long BTC as a position trader. Yet, as a swing trader I must respect classical charting principles…

There have been numerous occasions over the years when prices blew out of the upside of a descending triangle. When this happens it is referred to as a descending triangle failure.”

Right now, Bitcoin is down 0.96% at $10,292, according to COIN360.

Ethereum is up 0.45% at $181.10, XRP is down 1.21% at $0.2596 and Litecoin is up 0.27% at $69.78.

NewsBTC analyst Aayush Jindal says $10,200 is now a key support level for BTC.

“An immediate support area is near the $10,200 level. If there is a downside break below the $10,200 support area, there could be a bearish acceleration towards the $10,000 support area.

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On the upside, the main resistances are near the $10,400 and $10,500 levels.”

Here’s a look at the latest analysis from across the cryptosphere.

Bitcoin

NewsBTC – Bitcoin price at risk of downside break below $10,200

CoinDesk – Bitcoin faces drop to support levels below $10K

Ethereum

CryptoGlobe – Ethereum setting record lows on indicator, amid search for strength

XRP

FXStreet – MACD trend suggests strengthening bullish momentum for XRP

Litecoin

FX Empire – Move above $70 levels would support a run at first major resistance level

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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