The post Where Is Bitcoin And Ethereum Headed? Analyst Reveals Key Levels to Watch appeared on BitcoinEthereumNews.com.

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. 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…

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Filed under: News - @ August 22, 2024 8:25 am