Short-Term Bitcoin Bart PatternThe Bart pattern is created when a sudden move in one direction is followed by sideways movement and, subsequently, by another significant move in the other direction. It usually has four phases:
Reverse Bart?After the markdown phase, there is another possible Bart pattern in development — which is only present in lower time-frames. The Bitcoin price finished the accumulation phase before initiating an upward move towards $7400. There, it created a long upper wick and decreased. What should follow afterwards is the markdown phase towards $7200. This movement is also supported by bearish divergence in both the RSI and the MACD. Even though the divergence is only present in lower time-frames, not being significant enough in itself to predict a breakdown, it gains validity when combined with the pattern. To conclude, the Bitcoin price is seemingly creating another Bart pattern, which should cause it to decrease to $7200 or lower. Currently, it has yet to complete the markdown phase.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.