Aksel Kibar, known for his technical analysis in the cryptocurrency markets, evaluated the recent movements in Bitcoin (BTC) price and explained the critical levels that investors should pay attention to. The analyst stated that two important bullish signals have recently emerged in Bitcoin, but the price has sharply retested one of these breakouts.
According to Kibar’s analysis, the first significant bullish signal in Bitcoin emerged with the vượt qua of the $67,200 level. This move indicated the completion of an inverse head and shoulders (IHS) pattern, known in technical analysis as a bullish reversal formation.
The second important signal came when Bitcoin broke above the upper boundary of the rectangular formation it had been trading within for a long time. Kibar argued that this breakout indicated the completion of a bottom reversal pattern, but Bitcoin is currently retesting this breakout sharply.
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The analyst also drew attention to risk management regarding the technical signal at the $82,800 level. According to Kibar, the last low point formed within the wide rectangular pattern can be considered a broader stop-loss level for this signal.
Kibar also touched upon the technical structure of the inverse head and shoulders formation, stating that the lowest point of the right shoulder is particularly important. According to the analyst, this level can be used to determine whether the formation remains valid after an upward breakout from the neckline.
Kibar stated that if the price falls below the aforementioned low, the bullish formation could become invalid, and this could also generate a sell signal.
*This is not investment advice.
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