Peter Brandt Sees Bullish Technical Setup For Dogecoin

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Legendary trader Peter Brandt should not really need an introduction in the world of crypto by now. He is the author of several books on trading and the profession of technical analysis.

His book diary of a professional commodity trader is considered a bible to many in the City of London (which seems to be losing its title as financial capital of Europe to Amsterdam as of late).

Back in 2011, he was named as one of the 30 most influential persons in the world of finance. Importantly, he is one of the first classic Wall Street traders who admitted the technical capabilities of Bitcoin and has mostly been correct about its direction.

Classic Cup & Handle pattern. $DOGE pic.twitter.com/vnE317M2E0

— Peter Brandt (@PeterLBrandt) February 15, 2021

Back in October 2020, when Bitcoin was trading in the $10k range and Square (the fintech company of Twitter CEO Jack Dorsey) had just bought 50 million dollars worth, Brandt claimed he could see a big buy signal in the charts. Four months later, Bitcoin trades over $51,000.

Cup and Handle

This time round, Brandt let his light shine on Dogecoin, the memecoin crypto that had an incredible month of January. According to the 30-years experienced trader, Dogecoin is showing a Classic Cup & Handle pattern, which means a possible 70% upside is building.

According to technical analysis handbooks, the setup means that:

An excellent entry positions can be formed when the handle reaches maturity (a moment marked by a lowering of trading volume). If confirmed, the volumes will start to increase and the chart will retest the previous high.

Bought some Dogecoin for lil X, so he can be a toddler hodler

— Elon Musk (@elonmusk) February 10, 2021

Others must have seen this one coming a long time round, because in the last few days, billionaires Elon Musk (who is known as the biggest Dogecoin fan around) and Mark Cuban have both admitted buying some of the coins for their children.

When a Forbes reporter asks me about #dogecoin and whether it’s a bad look for crypto when people are buying it pic.twitter.com/YGs27Vdsxo

— Mark Cuban (@mcuban) February 8, 2021

It will be interesting to revisit these lines in a few months and see if Brandt was right again this time round.