Learning the BARR Top Pattern : Chainlink; is the run over?
IF Chainlink does not claim 13$ again soon we may be putting in a bearish retest of a BARR TOP (Bump & Run TOP) Pattern.
The pattern is explained below and there are some obvious key area to watch on the LINK/USDT Chart.
Note the below image of Bitcoins run to 20000 as a comparison of a successful BARR TOP.
The Bump And Run Reversal Top (BARR Top):
• Follows strong bull market at steep angle
• Initial “bump”, followed by a hook shaped movement reversal
• Sell on the retest key diagonal trendline or buy if the pattern fails and reclaims the trendline
• GOOD SUCCESS RATE
Price has a strong uptrend off in two phases - the bump & the run, first a small increase then recovery occurs, then price increases with massive volume at a very sharp angle. The BARR Signifies a trend change from strong Bull to strong Bear market.
Price then makes a sharp peak and comes down breaking the support line the angle of this support line is usually around a 35-50 degree angle. It then throws back and bearish retests off that previous support (this is the entry point), its common for this rejection to be at the 0.618 fibonacci level.
Link has already made its sharp peak and has rejected right off the diagnol BARR trendline.
Log scale is to be used when identfying pattern. The possible price target is the start of the pattern, BARR Tops usually have strong breakouts but do not always hit price target.
Note how in the chart of LINK USDT we are rejecting right off the 0.618 fibonacci level, until price gets back above that LINK may continue to decrease in value.
If you enjoyed the idea show your appreciation by giving it a like!!
I look foward to hearing your comments.
The pattern is explained below and there are some obvious key area to watch on the LINK/USDT Chart.
Note the below image of Bitcoins run to 20000 as a comparison of a successful BARR TOP.
The Bump And Run Reversal Top (BARR Top):
• Follows strong bull market at steep angle
• Initial “bump”, followed by a hook shaped movement reversal
• Sell on the retest key diagonal trendline or buy if the pattern fails and reclaims the trendline
• GOOD SUCCESS RATE
Price has a strong uptrend off in two phases - the bump & the run, first a small increase then recovery occurs, then price increases with massive volume at a very sharp angle. The BARR Signifies a trend change from strong Bull to strong Bear market.
Price then makes a sharp peak and comes down breaking the support line the angle of this support line is usually around a 35-50 degree angle. It then throws back and bearish retests off that previous support (this is the entry point), its common for this rejection to be at the 0.618 fibonacci level.
Link has already made its sharp peak and has rejected right off the diagnol BARR trendline.
Log scale is to be used when identfying pattern. The possible price target is the start of the pattern, BARR Tops usually have strong breakouts but do not always hit price target.
Note how in the chart of LINK USDT we are rejecting right off the 0.618 fibonacci level, until price gets back above that LINK may continue to decrease in value.
If you enjoyed the idea show your appreciation by giving it a like!!
I look foward to hearing your comments.
