Bitcoin's Potential Eiffel Tower Pattern
Chris Kimble | Sep 15, 2017 12:02PM ET
Legendary investor Sir John Templeton once said 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.
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 that if you see the left side of the Eiffel tower in a chart, odds are that 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.
One chapter in the Popular Delusions book talked about Holland's “Tulip Mania.” This week Jamie Dimon of JPMorgan Chase (NYSE:JPM) compared bitcoin to the tulip mania of the past. In time we will see if he is correct. Below looks at bitcoin's pattern.
A potential Eiffel Tower Pattern could be in play for the cryptocurrency. If investors experience the left side of the Eiffel Tower, it's possible to experience the right side as well.
It will be interesting months from now to see if the right side of the Eiffel Tower appears. 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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