Bitcoin’s Latest Bart Pattern Splits Analysts

During quiet trading sessions such as these, a common occurrence has been the creation of the Bart pattern — named after The Simpsons character, since the price movement resembles Bart Simpson’s head. It is often the accumulation phase of a larger trend. As the pattern suggests, a decisive upward move occurred in the late hours of Sunday. Afterwards, the price decreased and is currently trading near $8700. The Bitcoin price is likely to continue trading in a range between $8700-$9700. Financial analyst Mati Greenspan previously alluded to a Bart pattern in the accumulation phase near $8800.

Eat my shorts!! pic.twitter.com/r4LCD2oauw

— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) November 10, 2019

However, since the tweet, the Bitcoin price has made another Bart pattern near $9000 and has fallen to $8700. Cryptocurrency trader @cryptomichNL notified of the creation of the second Bart pattern in a tweet slightly before the price decreased.

Bart Simpson the other way as $9,000 couldn’t be providing support.

Le ranging continues. ☹️$BTC

— Michaël van de Poppe (@CryptoMichNL) November 11, 2019

He also suggested that Bitcoin will continue trading in a range. Let’s take a closer look at this possible price range.

Bart Pattern

The Bart pattern is created when a sudden upward/downward move is followed by sideways movement and, subsequently, by another sudden upward/downward move. The Bart pattern usually has four phases:

1. Accumulation
2. Markup
3. Distribution
4. Markdown

In the above illustrated Bitcoin movement, the accumulation occurred throughout October 8-10 — or the first Bart pattern visualized by Mati Greenspan. Afterward, the rapid spike is the markup, followed by the distribution at higher prices. However, after the markdown phase, the price usually finds support at a higher level, initiating another accumulation phase at a higher price than the first one. This was not the case in the current Bitcoin movement since the price has fallen below the $8800 level.

Trading Range

Bitcoin seems to have found support at the previous resistance area near $8600. For future movement, it is possible that it continues trading in a range between $8700-$9700. 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.

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