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Bitcoin: BARR Pattern suggests that BTC might have bottomed in 2018

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Bitcoin's bottom bottomed suggests 'BARR pattern' being formed by BTC's prices
Source: Unsplash

A Twitter user suggested the formation of BARR [Bump and Run Reversal] Pattern, which suggests that Bitcoin already bottomed in the month of December 2018.

According to Twitter user @thalamu_, Bitcoin hit bottom on December 15, 2018, when the price of Bitcoin fell as low as $3,126 [BitMEX]. The user tweeted:

BARR pattern, as the name suggests, takes place in three phases; the first phase is where the price leads-in and the second is when the prices bumps, this is followed by a run. In a downtrend, the lead-in is a continuous downtrend, which will enclose a bump – a further dip in the downtrend. The run, however, will break the downtrend formed during the lead-in and continue to evolve into a bull rally. The pattern was discovered by Thomas Bulkowski.

Source: TradingView

The user also added that the pattern was still unfolding and there were possibilities where it could fail. He further stated:

“That said, combined with bullish fundamentals, adoption, and positive press, my leaning is still upwards.”

As seen in the chart, there were two weekly candles formed at press time, which were almost parallel to each other, signifying the sideways movement of prices; without further indication of the “Run-phase” of the BARR pattern.

In addition, the user tweeted:



“According to Bulkowski, the right move is to wait for a breakout. Imo that means 5.5k s/r flip but others are calling for 6.2. On the reverse, that means breaking below 4.6k if looking for a short. Anything in between is risky per this pattern… BARR bottom calls for 57% difference b/t low point and bump. At $3200 bottom on dec. 16, our current $5k support fits that narrative to the T. ((3200*.57)+3200)=$5024)”

There are more than a few people who have predicted alternate theories, some of them allege that Bitcoin has already bottomed, while others allege that Bitcoin is yet to bottom, however, the bottom can only be confirmed in hindsight.

@SandmanXRP, a Twitter user commented:

“Combine that with donchian breakout method it starts to look interesting.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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