U.Today – Veteran trader Peter Brandt has released an important update to his opinion on today's price. Specifically, the expert financial asset speculator noted that Bitcoin (BTC) and (ETH) are displaying well-known technical formations.
In the case of the first cryptocurrency, Brandt sees a “megaphone” or “expanding triangle” pattern on the weekly and daily charts. These formations typically indicate expansionary price swings in both directions, often preceding a decisive breakout or a breakout outside the range.
However, he notes that a clear trend has not yet emerged for Bitcoin and that it is necessary to keep an eye on further developments before making any substantial investment decisions.
It is interesting to note that when the veteran trader was asked about what would indicate a resumption of Bitcoin’s long-term uptrend (a break above the diagonal resistance line or the break of the horizontal line at the $74,000 level), he dismissed the relevance of the diagonal resistance, saying that he does not take it into account in his analysis.
In short, Peter Brandt believes that Bitcoin will continue to move in a fairly wide range, which will likely expand further until it breaks one of those boundaries. We will also likely see more volatility, along with many dramatic price shocks.
Ethereum (ETH) Price Outlook
As for Ethereum, Brandt notes that the altcoin remains on the defensive. He believes that the leading altcoin will not give bullish signs of strength until it closes above the critical $3,050 level. Apparently, according to Brandt, until that happens, a bearish bias prevails for the ETH price.
It is worth mentioning that the veteran altcoin trader’s previous outlook included a short setup with targets of $1,641 per ETH.
This article was originally published on U.Today
