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Veteran Trader Peter Brandt Shares Unusual Bitcoin Chart Pattern That Reflects Current Market Conditions

Mon, 03/07/2022 - 09:18
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Arman Shirinyan
Savvy trader Peter Brandt has pointed out an interesting chart pattern that could give us a hint about the current situation on the market
Veteran Trader Peter Brandt Shares Unusual Bitcoin Chart Pattern That Reflects Current Market Conditions
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One of the most popular traders in the crypto industry with more than 47 years of experience, Peter Brandt, has pointed out an unusual chart pattern that might reflect the current condition of the market for both Ethereum and Bitcoin.

According to Brandt, Ethereum is currently forming a symmetrical triangle pattern, which usually reflects the fact that the market is confused and will more likely continue to range forward rather than break out in either direction.

The breakout for the second-largest cryptocurrency will most likely happen only in case of the appearance of the fifth touching point inside the symmetrical formation. The reversal should also be followed by a spike in trading volume, which brings buying power with it.

Before pointing out the formation on the Ethereum chart, Brandt shared the same pattern on Bitcoin and called it the "least reliable" due it’s inability to predict the future movement of the assets prior to a breakout.

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However, in case of a breakout, the symmetrical pattern ‌works well. Usually, the pattern will be considered finished after the price of the asset breaks through the upper border of a pattern and then spikes up, forming a consolidation range above the rangebound.

Bitcoin and Ethereum chart performance

According to TradingView charts, both digital assets are currently moving in the symmetrical pattern mentioned by Brandt. Bitcoin has reached the lower border of the triangle and has not bounced yet.

Ethereum has also reached the border but, unfortunately, fell below it and now trades at $2,525, with the lowest volume observed in the last 30 days. At press time, Bitcoin is trading at $38,115, with no volatile movements whatsoever.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.