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Veteran trader Peter Brandt has released an important update to his view on the Bitcoin price today. Specifically, the skilled speculator of financial assets pointed out that Bitcoin (BTC), and Ethereum (ETH) are showing well-known technical formations.
Thus, for the first cryptocurrency, Brandt observes a “megaphone” or “expanding triangle” pattern on the weekly and daily charts. These formations usually indicate expansive price swings in both directions, which often precede a decisive breakout or breakdown out of the range.
Alex DovbnyaHowever, he notes that a clear trend has yet to emerge for Bitcoin, and the lookout for further developments is needed before making any substantial investment decisions.
It's interesting to note that when the veteran trader was then asked about what would signal a resumption of Bitcoin's long-term uptrend - a breakout above the diagonal resistance line or breaking the horizontal line at the $74,000 level - he dismissed the relevance of diagonal resistance, saying he doesn't factor it into his analysis.
Suming up, Peter Brandt thinks that Bitcoin will keep on moving in a pretty wide range, which is likely to expand further until it breaks out of one of those boundaries. We're probably going to see more volatility, too, along with a lot of dramatic price pertrubations.
Ethereum (ETH) price outlook
As for Ethereum, here Brandt notes that the altcoin remains on the defensive. He believes that the major altcoin will not signal bullish strength until it closes above the critical $3,050 level. Apparently, according to Brandt, until that happens, a bearish bias prevails for the price of ETH.
It's worth mentioning that the veteran trader's previous outlook on altcoin included a short set-up with targets of $1,641 per ETH.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin