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:

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 3.636.70 on CoinmarketCap.


Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com
Comments are closed.

Check Also

FATF to Enforce Time Restriction on Exchanges’ Customer Information

The Financial Action Task Force (FATF), who met last week for another round of talks to de…