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The Bitcoin price just completed a Bart pattern to the downside and is in the process of completing another one. The latter could take the price to $7200 or below.

On December 4, the Bitcoin price initiated a rapid upward movement, which could have been caused by a massive transfer of Tether to the OKEx exchange. However, it retraced completely — successfully completing a Bart pattern. The swiftness of the upward move followed by a complete retracement caused many to call for market manipulation.

Another possible explanation for the movement is the creation of the Bart pattern. Full-time trader @coinzada outlined the swiftness of the decrease, suggesting that Bitcoin bulls did not even have a chance to enjoy the pumped prices.

Ouch.

Did the permabulls even have a chance to brag about this pump before the Bart? pic.twitter.com/4oeoXoVtHb

— James (@coinzada) December 4, 2019

What will happen to the price afterward? Will we see a similar pump in the future? Continue reading below and find out.

The Bart pattern is created when a sudden move in one direction is followed by sideways movement and, subsequently, by another significant move in the other direction.

It usually has four phases:

Therefore, we could say the pattern follows a Wyckoff distribution.

The current pattern was slightly irregular because of the price decrease after the accumulation phase. However, since the lower levels could not be sustained, the Bitcoin price initiated an even more rapid upward movement — successfully completing the ”markup” phase.

After the markdown phase, there is another possible Bart pattern in development — which is only present in lower time-frames.

The Bitcoin price finished the accumulation phase before initiating an upward move towards $7400. There, it created a long upper wick and decreased.

What should follow afterwards is the markdown phase towards $7200.

This movement is also supported by bearish divergence in both the RSI and the MACD. Even though the divergence is only present in lower time-frames, not being significant enough in itself to predict a breakdown, it gains validity when combined with the pattern.

To conclude, the Bitcoin price is seemingly creating another Bart pattern, which should cause it to decrease to $7200 or lower. Currently, it has yet to complete the markdown phase.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Shutterstock, TradingView.

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