As a seasoned researcher with decades of trading experience under my belt, I find Peter Brandt’s latest analysis on Bitcoin and Ethereum intriguing. His insights, particularly his recognition of technical formations, are a testament to his deep understanding of the market.
As a seasoned crypto investor, I recently took notice of Peter Brandt’s latest insights regarding the prices of Bitcoin (BTC) and Ethereum (ETH). To put it simply, he highlighted that these two popular cryptocurrencies appear to be exhibiting familiar technical patterns.
Previously, Brandt noticed a pattern resembling a megaphone or expanding triangle on the weekly and daily graphs. Typically, this shape signals increasing price fluctuations in both upward and downward directions, and it often predicts an impending breakout or reversal.
However, he notes that a clear trend is yet to emerge on Bitcoin, leaving traders and investors on the lookout for further developments.
It’s intriguing to note that when questioned about what might indicate Bitcoin’s continuation of its long-term upward trend – whether it’s a surge beyond the diagonal resistance line or a leap above the horizontal line at $74,000 – Brandt downplayed the significance of diagonal resistance, asserting he doesn’t take it into account while making his analysis.
Essentially, Peter Brandt anticipates that Bitcoin’s price fluctuations will persist and expand, potentially leading to a breakout from one of its price limits. This situation may also bring about heightened volatility and significant changes in the price range.
Ethereum (ETH) price outlook
Regarding Ethereum, Brandt points out that the cryptocurrency is currently holding a defensive position. In his view, Ethereum won’t show signs of bullish dominance until it surpasses the crucial $3,050 mark in its closing price. Until then, Brandt suggests there’s a bearish inclination for Ethereum’s value.
To highlight, the experienced trader earlier anticipated a short position for Ethereum (altcoin), suggesting a potential price of $1,641 per ETH.
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2024-08-21 12:58