Aksel Kibar, a traditional chart trader, has identified a unique price structure for Bitcoin. Two chart patterns for the featured crypto asset are highlighted by the trader, along with their possible price goals.
The first is a bull flag, which is frequently seen during an advance when it is anticipated that the price will rise further.
In the event of a bull flag, a break of the resistance might result in profits to the upside equal to the length of the pole. In this instance, Kibar emphasises the important price threshold to keep an eye on while stating that he is awaiting confirmation of a breakout over $31,200.
On the other side, the pattern is invalidated and continuation is improbable if the bull flag’s support level is breached. The trader showed a chart in which the $29,500 level was indicated as crucial support.
A head and shoulders pattern that appeared in Bitcoin recently has been resolved. The pattern is shown on a chart as three peaks, with the central peak being somewhat higher than the other two, making a head and two shoulders on the left and right.
Bitcoin might experience volatile move
Bitcoin (BTC) has settled into the narrowest price range in weeks, which has made the cryptocurrency market a touch monotonous.
Glassnode reports that the Bitcoin 14-day price range is now 4.6%, with just 1.9% of trading hours showing a lower value. This range is still quite small.
Glassnode said that because Bitcoin is rarely calm for long periods of time, the likelihood of a wild move in either way is increased.
At the time of writing, Bitcoin had only increased by 1.02% over the previous day, reaching $30,697.
