Veteran crypto trader says current market sentiment is “confused”

The price of Bitcoin (BTC/USD), Ethereum (ETH/USD) and other cryptocurrencies has been swaying recently in multiple directions. One of the popular crypto traders with extensive experience has shared an unusual chart pattern reflecting market conditions.

An unusual chart in crypto prices

Peter Brandt shared an analysis showing that the price of Ethereum is currently creating a symmetrical triangle pattern. This pattern shows that the market sentiment is confused. It also hints that the state of confusion will continue, making it hard for the price of Ether to break out in a bearish or bullish trend.

A breakout in the price of Ether will happen if a fifth touching point is formed inside the symmetrical formation. A reverse trend will also happen, followed by an increase in the trading volumes. Such a trend will come with buying power.

Brandt also shared an analysis of Bitcoin’s price. The trader pointed out that a similar formation would also be created for Bitcoin, but said it was the “least reliable.” He stated that such a formation made it unable to predict the future price movement of assets just before a breakout.

However, he noted that if there is a breakout, the symmetrical pattern could also be used, and it would work as intended. However, the symmetrical pattern will be considered complete after the price of a token moves to the upper border of a pattern. This could be followed by a spike and form a consolidation range past the rangebound.

Performance of Bitcoin and Ethereum

Data from TradingView shows that the price of digital assets has been moving in a symmetrical pattern. This is the same pattern that was mentioned by Brandt. Bitcoin’s price movement is currently on the lower border of the triangle, and it is yet to bounce from these levels.

Ethereum’s trend has also reached this border, but it has fallen below it. At the time of writing, Ethereum was trading at $2533, with the lowest trading volumes recorded over the past month. Bitcoin’s price was also sitting at $38,245, but volatility has been relatively low.

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