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Bitcoin- Potential “Eiffel Tower” pattern, says Joe Friday

Bitcoin- Potential “Eiffel Tower” pattern, says Joe Friday

Legionary investor Sir John Templeton, once shared that outside of the Bible, he had learned more from one book than any other. When he shared this idea, I couldn’t wait to find out what book it was. Below is that book

extraordinary popular delusions and the madness of crowds by john templeton, chris kimble post

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When it comes to popular delusions and charts, the “Eiffel Tower Pattern” can be important to recognize. The point of the Eiffel Tower Pattern is this.…. if you see the left side of the Eiffel tower in a chart, odds favor you will see the right side of the tower as well, somewhere down the line!  Below are examples of Eiffel Tower patterns over the past 20-years-

extraordinary popular delusions and the madness of crowds by john templeton, chris kimble post

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One chapter in the Popular Delusions book talked about the “Tulip Mania” in Holland. This week Jamie Dimon of JP Morgan compared Bitcoin to the Tulip Mania of the past. In time we will see if he is correct. Below looks at the pattern of Bitcoin that we shared yesterday on Stocktwits and Twitter

Bitcoin weekly BTCUSD, Chris kimble chart

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Joe Friday Just The Facts– Potential “Eiffel Tower Pattern” could be in play for Bitcoin. If investors experience the left side of the Eiffel Tower Pattern, it is possible to experience the right side as well.

Will be interesting months from now to see if the right side of the Eiffel tower is experienced. An important test of support is taking place this morning at the 3,000-3,100 zone! Important for Bitcoin bulls that this support holds!

 

 

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