BTC - I smell an Inverse Bart Pattern incoming
I have a suspicion that Bart may be about to rear his head
For those trading/investing in Bitcoin over the past few years, you are likely familiar with the "Bart Pattern" by now.
It is a pattern where prices shoot up in basically a straight line, chop around sideways for a bit, and then drop right back down from where they came.
In effect, creating the outline of Bart Simpsons head.
The pattern also works inversely as well, where prices drop straight down, chop around, and then shoot straight back up, looking like an upside down Bart Simpson head.
They look something like this:
I think we are about to see one on Bitcoin yet again
We have seen these things play out on bitcoin over and over and over again over the past few years.
I am not sure exactly what causes them, but they are most likely part of the whale manipulation that so many talk about.
You get low volatility and low volume sideways action for a bit, and then a large player can move prices quickly up or down.
Liquidations on Bitmex, both long and short, may also play a role due to the amount of leverage being deployed over there.
Looking at a chart of Bitcoin right now, I think we are ripe for one:
Though, technically this would be an inverse Bart Pattern as we would be looking for prices to shoot back up shortly, completing the other side of Bart's face.
You think back when they created the Simpsons, they ever though that Bart would end up being such a highly followed bitcoin trading pattern?! :)
Of course they didn't, as Bitcoin wasn't even invented yet, but it's funny that it is a trading pattern of any kind either way.
In this case we are hoping for good ol Bart to show up as that would likely punch prices through the recent downtrend and possibly signal that the next leg up has started on bitcoin.
Stay informed my friends.