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:
(Source: https://blockexplorer.com/news/crypto-meme-history-the-bart-pattern/)
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:
(Source: https://twitter.com/JacoFix/status/1195644907446140929)
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.
C'mon Bart!
Stay informed my friends.
-Doc
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Cool, thanks!
Since we are now below the 50 day moving average the next move may not be a Bart building one.
Yes there is that as well. Usually Bart doesn't care much about anything else, but we shall see.
I'm not very good at TA, but I think it is going to break the other direction.
Showing some nice green shoots so far today, but still too early to get too excited about it just yet.
I'm still waiting for inverse Marge, inverse Lisa and inverse Maggie patterns... Inverse Homer is so common pattern that it's not worth waiting though...
Inverse Marge pattern would be an exciting one for sure.
Yup... fast dive and equally fast climb back up... that would require quite big news...
Yep. Need a country to adopt bitcoin instead of trying to create their own.
I don't see that happen... Bitcoin is too slow to be useful...
I agree. It's not really useful as a currency.
Currently even the best cryptocurrencies require about 10 minutes to confirm transactions (60 second block time, 10 confirmations), but for Bitcoin that is just best case scenario... The time needs to go down to 5 minutes or less, but that opens risk for chain manipulation due to excess amount of hashing power required to maintain the primary chain.
It honestly needs to be way faster than even 5 minutes. It will never be widely used as a currency unless transfers/transactions are nearly instant, which they will never be outside of major changes to bitcoin or possibly lightning networks etc.
We may soon see a Double-Bart pattern :)
Inverse double bart pattern?
haha.. looks highly probable!
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lol why'd I write that... so bad.
Ha, probably because I said that "I smell a bart pattern...". The smell word triggered the fart response and bart kinda sounds like fart. It's understandable. :)
lol and you noticed... the original comment and the deletion.
I took that thought and immortalized it on the blockchain forever.
They can't all be winners.
Lol and you noticed...
The original comment
And the deletion.
- edicted
I'm a bot. I detect haiku.
I've managed few inverse farts, it doesn't smell at all... It's more like burping without anything coming out... I saw ETH do inverse fart pattern on one exchange about 2 years ago because BTC network was so congested... It basically went up to about 0.9 BTC and then dropped down to 0.09 BTC in just few minutes.
I miss those days...