- Ethereum’s symmetrical triangle
- Broadening wedge on total cap
Veteran commodities trader Peter Brandt has posted some disturbingly bearish charts that are virtually guaranteed to spook the bulls
Brandt, who has decades of experience in commodity trading, has noted that “symmetrical triangle” in Ethereum (ETH) and a “right-angled broadening pattern” in the total cryptocurrency market paint a not-so-rosy picture for those who are betting on cryptocurrency market recovery
This comes after Bitcoin, the flagship cryptocurrency, plunged below the $85,000 level earlier today
Ethereum’s symmetrical triangle
The first chart focuses on the ETH/USD weekly pair, which has been coiling within a massive symmetrical triangle for months.
Symmetrical triangles are typically defined by a series of lower highs and higher lows. Of course, they can be continuation patterns, and they are neutral until a breakout occurs.
This time, however, the “coil” may be resolving to the downside. A breakdown from this structure would likely flush Ethereum below its key support zones
If ETH closes a weekly candle below the lower trendline of the triangle, the pattern is confirmed bearish.
Broadening wedge on total cap
The second chart is, perhaps, the more alarming chart. It depicts a right-angled broadening pattern for the total cryptocurrency market cap
This pattern is characterized by a horizontal support line and an ascending resistance line. It essentially looks like a megaphone with a flat floor.
Currently, there is massive bearish pressure on the horizontal support line
The market cap could plunge toward the $2.41 trillion level, which would be a roughly 15-20% haircut from current evaluations.
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