Home›Crypto›Market Structure›Bitcoin and XRP risk pullbacks as traders watch a bear…

Bitcoin and XRP risk pullbacks as traders watch a bearish chart pattern

CoinDesk data shows bitcoin fell from about $80,700 on Aug. 25 to around $76,500, while analysts flagged bearish downside targets if selling accelerates.

Reported · Written up by our desk · Market Structure

CoinDesk reports that bitcoin and XRP are seeing pullbacks as traders point to a bearish “Bart Simpson” chart pattern, a formation that analysts say features a sharp rally followed by sideways trading, then a steep reversal.

The pattern, first associated with crypto price action in 2015, has three phases, a quick “Spike,” a “Flat Range” where price moves sideways, and a final “Snap Back” that reverses the initial move, according to CoinDesk.

CoinDesk data shows bitcoin rose from about $64,420 on Aug. 19 to nearly $80,700 on Aug. 25 before retreating to around $76,500, with analysts warning the move could be incomplete unless bitcoin falls at least 20%.

Analysts cited by CoinDesk warned bitcoin could slide toward $70,000 or even $58,000 if selling intensifies, while XRP could drop as low as $0.46 in a more bearish scenario.

Latest closeBitcoin $77,087.06 ▼1.5%|XRP $1.352 ▼3.0%

More like this

Sources