Experienced trader Peter Brandt believes two additional crypto assets are showing signs of strength, including Bitcoin (BTC) and Ethereum (ETH).
Blunt told his 744,000 followers on social media platform X that Bitcoin continues to trade in a consolidation pattern.
The trader shared a chart suggesting that Bitcoin has broken out of the pattern's resistance, but that Bitcoin officially enters bullish territory after breaking through all-time highs near $74,000. It is pointed out that it is not.
“[The] The 7-month inverse expansion triangle continues to form. The high-low-low sequence from March 2024 has not been violated yet.
Long Bitcoin is my biggest speculative position. ”
At the time of this writing, Bitcoin is trading at $67,363.
Moving on to Ethereum, the trader notes that ETH has broken out of a bullish reversal pattern on the daily chart.
“ETH closing price chart has reversed the H&S (Head and Shoulders) pattern. ETH is flat.”
Traders typically view an inverted head-and-shoulders pattern as bullish, suggesting that buyers are no longer waiting for prices to return to lows before entering the market.
At the time of writing, Ethereum is worth $2,622.
A final crypto asset that is gaining traders’ attention is Ethereum challenger Solana (SOL). Brandt said SOL is flashing a cup and handle pattern, a structure that suggests the asset is taking a breather before moving higher.
“SOL displays possible cups and handles using rectangles as handles.
I'm flat on this cryptocurrency. ”
At the time of writing, SOL is worth $166.40.
Brandt said Bitcoin, Ethereum and Solana are among the “most interesting chart developments” he's currently seeing. Other charts on his list include silver and Bitcoin vs. gold.
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