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The recent price movement of Bitcoin (BTC) appears to be forming an “inverse head and shoulders” pattern on the 30-minute chart. This is a bullish technical form that could lead to further rises in the short term. It is interpreted as a signal.
According to CoinMarketKeep Crypto News on the 24th, cryptocurrency analyst Jesper wrote on X (Twitter), “A perfect example of the famous inverse head and shoulders chart pattern has appeared. The bears have no chance. We will rise! HODL!!” he said, unable to hide his excitement.
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Bitcoin Station Head&Sold Chart – CoinMarketCap Crypto News
The inverted head and shoulders pattern is considered a very reliable technical indicator in the trading world and is interpreted as a signal suggesting a potential trend reversal or continuation of an existing uptrend. This pattern consists of three consecutive lows, including the deepest intermediate low (the hair shape), and resembles an inverted head and shoulders.
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According to Jesper’s analysis, the Bitcoin price, which was at $64,000 at the time, would need to rise to around $67,000 to complete the pattern. Although it may seem like a relatively small price difference, it presents an attractive opportunity for scalpers or short-term traders using leverage.
The inverted head and shoulders pattern is considered a bullish signal as the previous downtrend loses momentum and buyers begin to support the price, suggesting a potential breakout above the neckline (the resistance level formed by the two shoulders).