According To Pattern, Bitcoin Might Have Bottomed
Take a look at the two images below. On the right is an excerpt from the “Encyclopedia of Chart Patterns” by Thomas Bulkowski, which shows something called a “bump-and-run reversal bottom,” or BARR bottom for short. On the left is Bitcoin (BTC)’s one-week chart stretching from last August to now. Notice anything?
Well, if you couldn’t tell, the pattern depicted on the right, which shows a series of higher lows, a massive sell-off on the back of monumental selling pressure, a zone of accumulation, an eventual bullish breakout past a declining trend line, and a subsequent rally is looking much like Bitcoin right now. In fact, save for a few discrepancies in the accumulation zone and the time span, the charts are effectively identical.
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