What’s the connection between The Simpson Family’s iconic square-headed son and cryptocurrency? Well, there is one, as the market discovered on Valentine’s Day this week.
The explanation lay in the market’s movement yesterday afternoon. A “Bart Simpson pattern” occurs when a sideways action follows an unexpected spike in price, and then the price drops back again – suddenly. When this is graphed it is startlingly familiar to the profile of Bart Simpson’s head, particularly when superimposed on a graph showing the movement of the market over the given period.
A full Bart will develop if the cryptocurrency is subjected to a sudden bearish correction, to the extent it erases its previous gains. On Thursday afternoon, the Bart occurred when this happened:
$BTC #Bitcoin just went through the Bart Simpson pattern.
If only I was a better charter, I could have seen this coming… : / pic.twitter.com/AlXGYMttCf
— Jayden Crypto
(@jayden_crypto) March 27, 2018
In other market news, according to analysts, there are indications that Bitcoin might finally be hitting the bottom and be ready for a bounce back. Its moving average convergence divergence (MACD) – a momentum indicator based upon price moving averages – is reported to be signaling an end to the sustained bear period.
A bullish divergence often signals a market trend reversal and is widely considered to be a sign of seller exhaustion. At the time of writing Bitcoin is listed at USD 3.363.70 on CoinmarketCap.
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