based on the start of a global recession and the text book inverted A&E as well as the standard A&E, we are going to a value of under 5k per bitcoin. have shorts open with low leverage so the swings don't liquidate you and be ready to buy more at prices we may never see again.
I agree, could you describe what an Adam and Eve looks like?
gardenablaze
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i guess its the head and butt on top of each other?
Quinton84
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@gardenablaze, so an adam is the sharp peak followed by the rounded top being an eve. google chart patterns and go through the pics, they will help with understanding trends whenever you aren't sure of what you see.
@Quinton84, I'm assuming that is a bearish signal?
Quinton84
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@gardenablaze, when it's upright yes, if you notice in the drawing, the upside down (inverted) sent the price up now it's coming back as an equal and opposite reaction because we have been in a macro bear trend since 2017. After the worst of this recession, we will see what's called a macro bullish divergence in the spring of 2021 meaning that we will see higher highs and higher lows. right now we are getting lower highs and higher lows on every wave until they intersect next year
Quinton84
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@gardenablaze, plus if you notice on the eve (rounded top) all the peaks keep hitting the same spot and dropping a little...that's called test resistance and being rejected. when we are rejected by support multiple times then the price drops. if it breaks that resistance point in one or two tries, then that resistance then becomes support acting as a floor for new orders to start an upward trend. we got rejected 4 times so it's all downhill from here unless someone suddenly floods the market with new money