Renowned trader Peter Brandt has just shared a crucial update on the current price movements of Bitcoin (BTC) and Ethereum (ETH). According to Brandt, both cryptocurrencies are displaying well-known technical formations that could have significant implications for their future price action.
Brandt specifically points out a “megaphone” or “expanding triangle” pattern on the weekly and daily charts of Bitcoin. These patterns typically signal volatile price swings in both directions, often leading to a decisive breakout or breakdown. However, Brandt cautions that a clear trend has yet to emerge for Bitcoin, emphasizing the need for further monitoring before making any major investment decisions.
When asked about the potential signals for a resumption of Bitcoin’s long-term uptrend, Brandt dismissed the significance of diagonal resistance lines, stating that they do not factor into his analysis. He anticipates that Bitcoin will continue to trade within a wide range, potentially experiencing increased volatility until it breaks out of its current boundaries.
Ethereum (ETH) Price Outlook
Turning to Ethereum, Brandt believes that the altcoin is currently on the defensive and will only demonstrate bullish strength if it closes above the critical $3,050 level. Until that milestone is reached, Brandt maintains a bearish bias for the price of ETH. Notably, his previous outlook on Ethereum included a short set-up with targets set at $1,641 per ETH.
In conclusion, Peter Brandt’s analysis suggests that both Bitcoin and Ethereum are at critical junctures, with potential for significant price movements in the near future. Investors should closely monitor these technical formations and be prepared for heightened volatility in the cryptocurrency market.