The speculated BARR Pattern has evolved since its first sighting (on April 15), which provided a possible confirmation of the formation of the pattern. BARR pattern, as the name suggests, takes place in three phases: the first phase is when the price leads-in and the second is when the price bumps, finally followed by a run.
The previous article the formation of “Lead-in phase” and “Bump phase”; however, the confirmation for a “throwback to trendline” was pending. As of May 05, 2019, the prices evolved enough to confirm the BARR pattern.
Source: TradingView
BTC’s prices have confirmed the throwback to the trendline and have successfully started the next phase of the pattern- “Uphill run”. Technically speaking, the pattern will undergo a rally, the next major resistance for bitcoin is a range that extends from $6.100 to $6,800.
This range acted as a support for bitcoin during its downtrend from 2017, which was tested six times, over the course of 10 months, hence this resistance will be a tough one to break.
Speculation
Considering the above, the price of bitcoin can surge from anywhere between $6,100 and $6,700 and then pull back. The range of the pullback is unknown, as of now.
However, assuming bitcoin performs the same move [double bottom] as it did in 2015, then the price will see a major pullback to $3,500.
bitcoin’s price has displayed a similar as the DotCom bubble, Qualcomm stocks, and others; if it continues to do the same, the price could easily pull back to as low as $3,000 or even lower.
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Published at Tue, 07 May 2019 20:09:26 +0000