U.Today – Bitcoin and Ethereum Price Update

Veteran trader Peter Brandt has released an important update to his view on the Bitcoin price today. Specifically, the skilled speculator of financial assets pointed out that Bitcoin (BTC) and Ethereum (ETH) are showing well-known technical formations.

Bitcoin Analysis

For the first cryptocurrency, Brandt observes a “megaphone” or “expanding triangle” pattern on the weekly and daily charts. These formations usually indicate expansive price swings in both directions, which often precede a decisive breakout or breakdown out of the range.

However, he notes that a clear trend has yet to emerge for Bitcoin, and further developments are needed before making any substantial investment decisions.

When asked about what would signal a resumption of Bitcoin’s long-term uptrend—such as breaking above the diagonal resistance line or the horizontal line at the $74,000 level—he dismissed the relevance of diagonal resistance, saying he doesn’t factor it into his analysis.

In summary, Peter Brandt thinks that Bitcoin will continue to move within a wide range, which is likely to expand until it breaks out of one of those boundaries. Expect more volatility along with dramatic price perturbations.

Ethereum (ETH) Price Outlook

As for Ethereum, Brandt notes that the altcoin remains on the defensive. He believes that ETH will not signal bullish strength until it closes above the critical $3,050 level. Until that happens, a bearish bias prevails for the price of ETH.

It’s worth mentioning that Brandt’s previous outlook on altcoin included a short set-up with targets of $1,641 per ETH.

This article was originally published on U.Today