Where Is Bitcoin And Ethereum Headed? Analyst Reveals Key Levels to Watch
August 22 2024 - 3:00AM
NEWSBTC
Amid Bitcoin’s continuous consolidation below the $61,000 price
mark over the past weeks, renowned trading guru Peter Brandt, with
decades of experience in the financial markets, has recently shared
an update on his outlook for Bitcoin and Ethereum. His analysis
comes at a time when both of these assets have been unable to
maintain a strong rally in the past weeks but have only continued
to see consistent plunges. Related Reading: Bitcoin Sees Surge in
Demand: Are We At The Final Phase of Consolidation? Bitcoin And
Ethereum Next Move In his latest update, Brandt identifies a
“megaphone” or “expanding triangle” pattern on Bitcoin’s weekly and
daily charts. This pattern, characterized by increasingly wider
price swings, often signals that the market is building up for a
major move to the upside or downside. However, despite the meaning
of this pattern, Brandt cautions that a “clear trend” has not yet
emerged for Bitcoin. Commenting under Brandt’s post, an X user
asked the trading guru about the factors that could signal a
resumption of Bitcoin’s long-term uptrend, noting: What is more
relevant in assessing the long term uptrend has resumed? Breaking
above the diagonal resistance line or breaking above the horizontal
line at 74k? To this, Brandt provided a straightforward
perspective, disapproving the significance of “Diagonal
resistance.” The analyst particularly noted: “Diagonal resistance
means nothing to me.” In addition to his analysis of Bitcoin, Peter
Brandt also shared his thoughts on Ethereum, the second-largest
crypto by market capitalization. Brandt’s outlook for Ethereum
remains cautious, as he observes that the altcoin is still on the
“defensive.” Charts of continuing interest are Bitcoin and Ether.
Weekly and daily graphs continue to form a megaphone or broadening
triangle pattern in BTC No declaration of next trend yet $BTC$ETH
will remain defensive unless/until close above 3050 occurs
pic.twitter.com/aEESwhX5oC — Peter Brandt (@PeterLBrandt) August
20, 2024 He identifies the $3,050 level as a critical resistance
point for Ethereum. According to Brandt, Ethereum will not exhibit
bullish strength until it closes above this key level. Until then,
a bearish bias will likely persist, with the potential for further
declines if the price fails to break through this resistance. BTC
And ETH Market Performance So far, both Bitcoin and Ethereum have
been struggling to achieve any notable high following the
significant plunge to lower levels earlier this month on August 5.
BTC has ranged between $59,000 and slightly above $60,000 in the
past week. Although the asset is up 1.3% over this period, it
remains in the range with BTC’s current market price at $59,445 at
the time of writing. As for Ethereum, the asset’s performance has
also slightly mirrored that of BTC. Following ETH’s plunge to
$2,197 earlier this month, the asset has continued to range below
the $3,000 price mark. At the time of writing, ETH traded for
$2,590, up by 0.1% in the past day. Feature image created with
DALL-E, Chart from TradingView
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