The huge fall drove a stunned market to rattle along the $3,900 line throughout Tuesday with the expectation that BTC had found a new level to continue its glide along what many anticipate will be a lengthy spell of sideways movement. However, a gentle round of applause rippled across the crypto community as Monday’s fall became Wednesday’s correction, and Bitcoin was elevated upwards to carry on its long-running campaign of pestering the $4,000 line. This curious three-day move did manage to deliver a trading pattern we have not seen for quite a while – the ‘inverted Bart’. It is opposite shape of ‘the Bart’ – so called because it resembles the silhouette of the Simpsons’ character’s head – is a familiar sight, perhaps more so on crypto charts than traditional markets.
Essentially, a crypto’s value will rise sharply to create a vertical, then bounce along over a couple of days to form the jagged style of Bart Simpson’s wayward hair before dropping abruptly once more to complete the picture.
The ‘inverted Bart’ needs no further explanation – it does exactly what it says on the tin.
Last year, we saw Bart’s upside-down alter ego make several appearances.
Often the return to the level from which it dropped off is met with enthusiastic bulls keen to see the momentum continue.
On each occasion, that impetus soon fizzles out and the value of bitcoin either hangs around at a new level for a while, or it begins yet another steady descent.
It is entirely possible that an inverted Bart could even be met by an actual Bart pattern.
The resulting value, nevertheless, remains the same whatever the outcomes.
We are yet to see what the tail-end of this minor encroachment across the borders of mild excitement may bring.
Due to the history of crypto, there will be a degree of enthusiastic optimism that believes it may be the beginning of bitcoin strapping on the rocket packs and preparing to stare down at $4,000 as it heads skywards.
The seasoned analyst, though, may have a very different view.
Rocket packs tend not to hold much fuel.
And if they run out while you are in the clouds, there is only one way to go.
Bitcoin Market Price Chart in RealTime