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 the social media platform X that Bitcoin continues to trade within a consolidation pattern.
While the trader shares a chart suggesting that BTC has broken above the resistance of the pattern, he notes Bitcoin will officially be in bull territory only after clearing its all-time high close to $74,000.
“[The] seven-month inverted expanding triangle continues to form. The sequence of lower highs and lower lows from Mar 2024 has NOT yet been violated.
Long Bitcoin is my single largest speculative position.”
At time of writing, Bitcoin is trading for $67,363.
Moving on to Ethereum, the trader says ETH has broken out of a bullish reversal pattern on the daily chart.
“ETH closing price chart inverted H&S (head and shoulders) pattern. I am flat in ETH.”
Traders typically view an inverse head-and-shoulders pattern as bullish, suggesting that buyers are no longer waiting for the price to revisit the lows before entering the market.
At time of writing, Ethereum is worth $2,622.
The last crypto asset on the trader’s radar is the Ethereum challenger Solana (SOL). According to Brandt, SOL is flashing a cup and handle pattern, a structure suggesting that an asset is taking a breather before moving higher.
“SOL displays possible cup and handle with rectangle as handle.
I am flat in this crypto.”
At time of writing, SOL is worth $166.40.
Brandt notes that Bitcoin, Ethereum and Solana are among the “most interesting chart developments” he sees right now. Other charts on his list include Silver and Bitcoin versus gold.
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Generated Image: Midjourney