Bitcoin prints classic ‘Bart’ pattern as BTC price dives back below $40K

d9558266e4a9776fef8c44264902fa90

Bitcoin prints classic 'Bart' pattern as BTC price dives back below $40K Market Update

Bitcoin (BTC) reversed in classic fashion on March 10 after bulls failed once again to hold higher levels.

ce2e5c389c246b71b0cae299a591dd71

Bart’s back on the Bitcoin chart

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD forming a characteristic “Bart Simpson” retracement pattern overnight on Wednesday.

The pair had managed to pass $42,000 before consolidating, but a lack of support meant that a drop back to its previous trading zone below $40,000 was the grimly familiar outcome.

Such “Bart” formations had come several times in the weeks prior, and underscored the difficulty experienced by a market stuck firmly in an established trading range for months.

Those hoping for upside continuation were thus left disappointed, with cross-crypto liquidations for the 24 hours to the time of writing totalling $211 million, according to data from analytics resource Coinglass.

48a2d570ad730ae0c88b6d1046a55219

“Fried bulls this morning,” popular trader Crypto Ed, who had called the end of the upside at Wednesday’s highs, told Twitter followers.

“This is not PA but PP Ping Pong And yes, Asians always been good in Ping Pong,” he added, referring to both the up and down slopes of the “Bart” occurring during Asian market hours.

Thursday meanwhile would see the release of U.S. consumer price index (CPI) data for February, this tipped to show inflation still running hot at an estimated 7.9% year-on-year.

“CPI number comes out tomorrow & the FOMC meeting is in less than a week (March 15 & 16),” trader and analyst Matthew Hyland forecast in part of a tweet Wednesday.

“I expect volatility ahead, but increased certainty as a result.”

An accompanying chart underlined key resistance levels for BTC/USD to overcome, along with support at $36,300 and $33,000.

5c6eed09e665e12ab32236dfb81c5b94

Altcoins in copycat U-turn

Bitcoin’s volatility likewise cost altcoins much of their latest gains, with Ether (ETH) down 5.1% to less than $2,600.

Many others out of the top ten cryptocurrencies by market cap were equally gloomy on the day, with previous high flyer Terra (LUNA) nonetheless managing to linger near $100 highs.

da424242dd38d337c99baa6ab7172e9d

Source

Total
11
Shares
Leave a Reply

Connect with



Your email address will not be published.

Previous Post
a3df228b576ee1adedc73039ba2e0637

Chandigarh administration to come out with land pooling policy draft

Next Post
9bf215d05d11209b5120aac24cc4b288

Tensiones geopolíticas no pudieron vencer a Bitcoin: ahora es el momento de operar con BTC

Related Posts