Savvy trader Peter Brandt has pointed out an interesting chart pattern that could give us a hint about the current situation on the market
One of the most popular traders in the crypto industry with over 47 years of experience, Peter Brandt, pointed out an unusual chart pattern that may reflect the current market state for Ethereum and Bitcoin.
According to Brandt, Ethereum is currently forming a symmetrical triangle pattern, which usually reflects the fact that the market is confused and will more likely continue to range forward rather than break out in either direction.
The breakout of the second largest cryptocurrency will likely only occur if the fifth touchpoint appears inside the symmetric formation. The reversal should also be followed by a spike in trading volume, which brings with it buying power.
Before pointing out the formation on the Ethereum chart, Brandt shared the same pattern on Bitcoin and called it the “least reliable” due it’s inability to predict the future movement of the assets prior to a breakout.
However, in case of breakout, the symmetric scheme works well. Usually, the pattern will be considered complete after the asset price breaks through the upper boundary of a pattern and then spikes, forming a consolidation range above the boundary of the range.
Bitcoin and Ethereum chart performance
According to TradingView charts, both digital assets are currently moving in the symmetrical pattern mentioned by Brandt. Bitcoin has reached the lower border of the triangle and has not bounced yet.
Ethereum also reached the boundary but unfortunately fell below it and is now trading at $2,525, with the lowest volume seen in the past 30 days. At press time, Bitcoin is trading at $38,115, with no volatile movement.
