A Must-Read Update on Bitcoin Price From Trading Expert Peter Brandt
Renowned trader Peter Brandt has recently shared a significant update regarding his analysis of the price movements of Bitcoin and Ethereum. According to Brandt, both cryptocurrencies are exhibiting well-known technical formations that could potentially have an impact on their future prices.
Brandt has identified a “megaphone” or “expanding triangle” pattern on the weekly and daily charts for Bitcoin, which often precedes a significant breakout or breakdown and suggests increased price swings in both directions. However, Brandt notes that Bitcoin has not yet displayed a clear trend, leaving traders and investors to closely monitor further developments.
When questioned about potential signs of a resumption in Bitcoin’s long-term uptrend, Brandt dismissed the significance of the diagonal resistance line, stating that it does not factor into his analysis. Instead, he emphasized the importance of a break above the horizontal line at the $74,000 level.
Overall, Brandt anticipates that Bitcoin will continue its dynamic range movement, causing its price swings to widen until it breaks out of one of its boundaries, resulting in increased volatility.
Turning to Ethereum, Brandt believes that the altcoin remains on the defensive and will not indicate bullish strength until it closes above the critical $3,050 level. He maintains a bearish bias for the price of Ethereum until this crucial level is breached. Previously, Brandt had outlined a short setup for Ethereum, with potential targets at $1,641 per ETH.
In conclusion, Peter Brandt’s analysis provides valuable insights into the potential future movements of Bitcoin and Ethereum. While his outlook suggests increased volatility and price swings for Bitcoin, he remains cautious about Ethereum’s price until it shows signs of bullish strength.
In light of this update from Peter Brandt, investors and traders are advised to conduct comprehensive research and seek advice from financial experts before making any investment decisions. It is important to stay informed about market developments and carefully consider the potential risks associated with trading cryptocurrencies.
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