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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Where Is Bitcoin And Ethereum Headed? Analyst Reveals Key Levels to Watch

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Where is Bitcoin And Ethereum Headed?

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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.

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1 year ago

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.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

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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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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