Veteran Trader Warns Cardano Mimicking Bitcoin Pattern That Preceded BTC’s 50% Crash
The widely followed veteran trader, Peter Brandt, is warning that Cardano (ADA) is exhibiting a bearish continuation pattern.
Brandt tells his 675,600 Twitter followers that Cardano appears to be printing a descending triangle pattern, suggesting the possibility of a fresh leg down for ADA.
The legendary trader, however, says his prediction doesn’t have to come to pass.
“This is a fractal chart construction known as a descending triangle. If it continues in the fractal, ADA should have one more significant decline. ‘Should,’ not ‘must.’”
Brandt’s prediction is accompanied by a side-by-side comparison chart of Cardano and Bitcoin (BTC). On the chart, both crypto assets are in a descending triangle pattern though in different periods – Cardano in the current time and Bitcoin in 2018.
After being in a descending triangle pattern for about 10 months, Bitcoin went on to fall from around $6,000 to $3,200 – a 47% drop.
According to the chart posted by Brandt, Cardano’s descending triangle pattern started about four months ago.
Cardano is trading at $0.464 at time of writing while Bitcoin is exchanging hands at $19,926.
The veteran trader’s analysis of ADA is coming less than a week before Cardano’s much anticipated Vasil hard fork. The Vasil hard fork, which is expected to lower Cardano’s transaction fees and enhance scalability, is slated for September 22nd.
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