Seasoned trader Peter Brandt believes that Bitcoin (BTC) and two additional crypto assets, including Ethereum (ETH), are showing signs of strength.
Brandt tells his 744,000 followers on social media platform X that Bitcoin continues to trade within a consolidation pattern.
Although the trader shares a chart indicating that BTC has breached the pattern’s resistance, he notes that Bitcoin won’t officially be in bull territory until it passes its all-time high of nearly $74,000.
“[The] a seven-month inverted expanding triangle continues to form. The March 2024 series of lower highs and lower lows has NOT been broken yet.
Long Bitcoin is my largest speculative position.”
At the time of writing, Bitcoin is trading at $67,363.
Further down Ethereum, the trader says ETH has broken the bullish reversal pattern on the daily chart.
“ETH closing price chart inverted H&S pattern (head and shoulders). I am flat in ETH.”
Traders typically view an inverse head-and-shoulders pattern as bullish, indicating that buyers are no longer waiting for the price to bottom again before entering the market.
At the time of writing, Ethereum is worth $2,622.
The latest crypto asset on the trader’s radar is Ethereum challenger Solana (SOL). According to Brandt, SOL shows a cup-and-handle pattern, a structure that suggests an asset is taking a breather before heading higher.
“SOL shows possible cup and handle with rectangle as handle.
I am flat on this crypto.”
At the time of writing, SOL is worth $166.40.
Brandt notes that Bitcoin, Ethereum and Solana are among the “most interesting chart developments” he sees at the moment. Other charts on his list include silver and Bitcoin versus gold.
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Generated image: Midjourney