Hello,
I hope everyone is staying safe! I'm going to attempt a weekly post to get back in the groove. There are many things to beware of these days... and my recent chart analysis shows me some possible things to be aware of with BTC. I've learned about Bart the hard way .
What is a Bart Pattern?
"Bart aka Bart Simpson is a character from the popular American sitcom “The Simpsons.” The reason why Bitcoin and The Simpsons found themselves in the same conversation was due to the price of BTC tracing a pattern similar to Bart’s head.
Barts are usually formed when BTC surges suddenly, consolidates sideways, and then proceeds to surge in the direction opposite to the initial surge. The pattern is more consistent in lower timeframes like the 1-hour, 4-hour, and even Daily charts." Source
On the daily chart (BTC on Coinbase) below, I foresee a Bart Pattern in the future. That's if the Inverse Head and Shoulders Pattern that I'm also watching plays out in the near future.
What's an Inverse Head and Shoulder's Pattern?
"An inverse head and shoulders, also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends. This pattern is identified when the price action of security meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs." Source
Beware of Bart
If the inverse head and shoulder pattern on the daily chart below is correct, then BTC's right shoulder will hit bottom in the range of 6,456/ .618 or 6,483/ .5 7,236. The reason I sound the heads up on a possible Bart pattern is the possibility of the right shoulder mirroring the left shoulder with a Bart move before a break out of the neckline. A sharp move upward to retest the neckline at 10,532 resistance and back down to .382 at 7,259 support before the final move to break the neckline and head upward toward 13,868.
Safe Trading 3rd Dog
I’m not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature and are therefore are unqualified to give investment recommendations. Always do your own research and consult with a licensed investment professional before investing. This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
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