Peter L. Brandt, who is one of the world’ most respected classical chartists, says that his technical analysis of the XRP-USD trading pair suggest that prices are headed much higher.
In 1990, Brandt, who has been a commodity trader since 1976, published the book Trading Commodity Futures with Classical Chart Patterns. Then, in 2011, John Wiley and Sons published his second book, Diary of a Professional Commodity Trader, which “became Amazon’s #1 ranked book on trading for 27 weeks.”
This is what Raoul Pal, Co-Founder and CEO of Real Vision, says about Brandt:
“Peter is simply one of the very best and most experienced classical chartists in the world. His analytical, pure chart-driven approach to trading and risk management is clear, understandable and actionable. Real Vision has had the honor of featuring Peter’s work and his content remains one of the most talked about and enjoyed by our subscribers. I can not recommend his work enough.“
Yesterday (April 9), Brandt sent out a tweet that included an XRP-USD price chart and said that it appears that we have an “Inverse Head And Shoulders” pattern, which suggests that XRP-USD is heading towards new all-time highs.
On April 6, Brandt, who was very bearish on XRP until last month, noticed a “compound fulcrum” while studying XRP-BTC charts, which he said was “a quite powerful buy signal.”
This is what Brandt wrote about this pattern back in May 2015:
“The compound fulcrum is an extremely rare pattern. In fact, if a chartist diagnoses this pattern more than once every few years, then it is being overdiagnosed.“
According to data by CryptoCompare, XRP-USD is currently (as of 07:10 UTC on April 10) trading around $1.093, up 6.53% in the past 24-hour period.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.