Peter Brandt, a famous and legendary trader, drew attention to new chart formations for the largest cryptocurrencies Bitcoin and Ethereum and conveyed his predictions. As Kriptokoin.com, we are giving the details…
Peter Brandt drew attention to these charts for Bitcoin and ETH
Peter Brandt, one of the popular traders of the crypto money market, reflects the current situation in the market for both ETH and Bitcoin. drew attention to an unusual chart formation considered. According to Brandt, Ethereum is currently forming a symmetrical triangle pattern, which often indicates that the market is confused and will continue to spread forward rather than break out in either direction.
, on the other hand, breaking the second largest cryptocurrency according to the expert, it will most likely only happen if the fifth contact point arises inside the symmetrical formation. The return will also lead to an increase in trade volume, which, according to the expert, will bring purchasing power with it. Brandt shared the same pattern for BTC before the formation on the ETH chart. Brandt noted that these assets are one of the least reliable when it comes to forecasting their future movements before any breakouts occur.
What does the symmetrical pattern indicate?
Peter Brandt says the symmetrical pattern will work well in case of a breakout. So, what does this formation show? A symmetrical triangle is a chart pattern characterized by two converging trendlines connecting a series of consecutive highs and lows. According to experts, these trend lines should converge on a roughly equal slope. Trendlines converging at unequal slopes are called ascending wedge, falling wedge, ascending triangle, or descending triangle.
According to experts, the pattern is completed when the price of the asset crosses the upper boundary of a pattern and then spikes up to form a consolidation range above the range. At the time of writing, Bitcoin (BTC) is changing hands at $38,261, down 1.6 percent. Ethereum (ETH) is at $2,541, down 3.3 percent.
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