Bitcoin has taken back almost all of the drop
It wasn't quite an Inverse Bart Pattern, but the results are pretty much the same...
Bitcoin tanked hard after getting slightly over $12k several days ago.
The price dropped like a rock briefly getting as low as $10,600 before bouncing and stabilizing slightly above $11k.
Since that time though, the price has basically been grinding back up and getting very close to where the initial drop came from.
Check it out:
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
This isn't exactly an Inverse Bart Pattern, but it's pretty dang close.
The price dropped very quickly, chopped around, and is now getting very close to making up all those losses.
If you don't recall, Bart Patterns tend to look something like this...
With steep drops or pops, followed by chop, followed by another steep drop or pop:
(Source: https://www.reddit.com/r/Bitcoin/comments/9eh97w/ta_classic_double_bart_reversal_pattern/)
Bitcoin sees strength on continued hopes of a new stimulus bill...
Washington has been going back and forth on a new coronavirus stimulus bill that would send aid to struggling Americans.
The problem currently is that both sides are still far apart on what exactly that aid should be.
The main sticking point seems to be the unemployment insurance.
Democrats approved a plan for an extension of the $600 per week benefit that filers were currently getting. However, Republicans think that amount is too high and instead approved a plan for $200 per week initially through September and then a move to 70% of a person's previous wages thereafter.
Unfortunately neither side has budged at all from those numbers after several days of meetings and debates.
The previous benefits expired at the end of July, leaving Americans depending on that aid currently without.
The good news is that both sides keep saying that a deal will get done, it's just a matter of when, with both sides point to end of next week as the likely deadline.
Bitcoin, gold, and stocks have all been buoyed of late on hopes of at least another $1 trillion dollar injection into the economy.
My guess is that they eventually meet in the middle with something like $400 per week in unemployment insurance, though it may take until the end of next week to finally be agreed upon.
Stay informed my friends.
-Doc
Posted Using LeoFinance
@jrcornel, In my opinion BTC Price Trend always behaving like a Dancing Ball.
Good wishes from my side and stay blessed.
How does a Dancing Ball behave?
Ha ha..... Actually i wanted to say Bouncing Ball.
SOURCE
Enjoy your time ahead. 🙂
The kind of adamant bullishness Gold is showing, none of the other assets have of that kind.
Bitcoin, if considered all-time-high, then also at a good position, 60% of the ATH, but the altcoins have not recovered like that. So when do you think altcoin will recover like that?
If Bart's face was all melty, then this would be accurate 😆! We're so close to breaking $12k again, and I hope this time it'll be a clean break. Otherwise, we could see another brutal rejection like last time.
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Haha good one. We will call it the inverse melty face bart pattern!
Lol, that's perfect! That said, BTC had that brutal rejection again, down to about $11,200 last I checked :-(
Yep. Though now it has bounced back over $11,700. Looks to be in consolidation mode until it has enough strength to push through $12k.
Aye, that's a good analysis. Here's hoping we'll see a final push, and clean break past $12k within next week :-D