As a seasoned researcher with decades of experience under my belt, I have always found Peter Brandt’s insights invaluable when it comes to understanding the dynamics of the financial markets, particularly cryptocurrencies like Bitcoin and Ethereum. His latest analysis is no exception, providing us with a deeper understanding of the current market situation.
Over the last few weeks, Bitcoin‘s value has been holding steady just below the $61,000 threshold. Notably, seasoned trading expert Peter Brandt, who boasts a long history in financial markets, has expressed his thoughts on the future of both Bitcoin and Ethereum.
His analysis is relevant now, as these investments haven’t managed to sustain a powerful upward trend over the last few weeks; instead, they’ve experienced continuous downturns.
Bitcoin And Ethereum Next Move
In his most recent analysis, Brandt notes a “loudspeaker” or “widening triangle” formation on Bitcoin’s weekly and daily graphs. This pattern, marked by progressively larger price fluctuations, typically indicates that the market is preparing for a significant surge, either upward or downward.
Although Brandt indicates that a definite pattern for Bitcoin’s growth hasn’t been noticed yet, he advises caution. A user asking for Brandt’s insight under his post inquired about the indicators that might suggest a reinstatement of Bitcoin’s prolonged upward trend.
In terms of determining if a long-term upward trend has resumed, is it more significant to surpass the diagonal resistance line or the horizontal line at 74k?
In response, Brandt offered a clear-cut viewpoint, dismissing the importance of “Diagonal resistance.” More specifically, the analyst stated emphatically: “Diagonal resistance holds no meaning for me.”
Apart from discussing Bitcoin, Peter Brandt expressed his views on Ethereum too, which ranks as the second most valuable cryptocurrency in terms of market cap. Brandt’s viewpoint towards Ethereum remains guarded since he sees it continuing to play a ‘defensive’ role.
The ongoing intrigue revolves around the cryptocurrencies, Bitcoin and Ether. These digital assets are consistently being plotted on charts that show a megaphone or broadening triangle pattern for Bitcoin ($BTC). As of now, there’s no definitive prediction about the next trend movement. However, significant changes might not be expected until a closing price above 3050 is reached for both Bitcoin and Ether, at which point they may become more aggressive in their trajectory.
— Peter Brandt (@PeterLBrandt) August 20, 2024
Based on Brandt’s analysis, the $3,050 mark serves as a significant resistance point for Ethereum. Until Ethereum manages to close above this crucial level, it is unlikely to show strong bullish tendencies. In the meantime, there’s a possibility that a bearish trend could continue, potentially leading to further drops if the price fails to surpass this resistance barrier.
BTC And ETH Market Performance
To date, neither Bitcoin nor Ethereum has managed to reach a substantial peak since their decline to lower prices around August 5 this month.
In the last seven days, Bitcoin’s value has fluctuated between roughly $59,000 and around $60,000. Despite this, the asset has seen a 1.3% increase over this period, with its current price standing at approximately $59,445 as I write this.
Regarding Ethereum, its performance has shown a slight resemblance to Bitcoin’s. After Ethereum dropped to $2,197 earlier this month, it has since stayed below the $3,000 price point. Currently, Ethereum is valued at $2,590, representing a 0.1% increase in the past day.
Feature image created with DALL-E, Chart from TradingView
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2024-08-22 11:10