{"id":637030,"date":"2024-08-22T08:00:13","date_gmt":"2024-08-22T08:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=637030"},"modified":"2024-08-21T15:12:09","modified_gmt":"2024-08-21T15:12:09","slug":"where-is-bitcoin-and-ethereum-headed-analyst-reveals-key-levels-watch","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/where-is-bitcoin-and-ethereum-headed-analyst-reveals-key-levels-watch\/","title":{"rendered":"Where Is Bitcoin And Ethereum Headed? Analyst Reveals Key Levels to Watch"},"content":{"rendered":"

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<\/a> on his outlook for Bitcoin and Ethereum.<\/p>\n

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.<\/p>\n

Related Reading: Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation?<\/a><\/div>\n

Bitcoin And Ethereum Next Move<\/h2>\n

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<\/a> or downside.<\/p>\n

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<\/a>, noting:<\/p>\n

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?<\/p><\/blockquote>\n

To this, Brandt provided a straightforward perspective, disapproving the significance of “Diagonal resistance.” The analyst particularly noted<\/a>: “Diagonal resistance means nothing to me.”<\/p>\n

In addition to his analysis of Bitcoin, Peter Brandt also shared his thoughts on Ethereum, the second-largest crypto by market capitalization. Brandt\u2019s outlook for Ethereum remains cautious, as he observes that the altcoin is still on the “defensive.”<\/p>\n

\n

Charts of continuing interest are Bitcoin and Ether.
\nWeekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC
\nNo declaration of next trend yet $BTC<\/a>$ETH<\/a> will remain defensive unless\/until close above 3050 occurs pic.twitter.com\/aEESwhX5oC<\/a><\/p>\n

\u2014 Peter Brandt (@PeterLBrandt) August 20, 2024<\/a><\/p><\/blockquote>\n

He identifies the $3,050 level as a critical resistance<\/a> 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.<\/p>\n

BTC And ETH Market Performance<\/h2>\n

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.<\/p>\n

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<\/a> at $59,445 at the time of writing.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

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<\/a> below the $3,000 price mark. At the time of writing, ETH traded for $2,590, up by 0.1% in the past day.<\/p>\n

Feature image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

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. Related Reading: Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation? 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\u2019s 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 \u2014 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. 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<\/p>\n","protected":false},"author":580,"featured_media":637042,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,78790,6664,10923,8323,1946],"class_list":["post-637030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-btcusdt","tag-crypto","tag-crypto-market","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\nWhere is Bitcoin And Ethereum Headed? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Where Is Bitcoin And Ethereum Headed? 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