CryptoBullet

BTC: Same Pattern Once Again

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC paints a picture we have already seen. The bottom of the bear market came in at ~3.2k almost one year ago, but after that ultimate low we consolidated and formed Adam & Eve Pattern, which we broke out of in April and reached its target. Pay attention to that wick to the upside marked with a red arrow

The second Adam & Eve Pattern occurred this summer. Once we broke the resistance, the target was successfully reached. Notice that the target was right at the downward channel resistance and we perfectly reached it and got rejected there.

Now let's take a look at the current one. The same Adam & Eve, the same nasty wick to the upside like during the formation of the first A&E Pattern one year ago, and notice where the target leads us IF we break above the resistance - the same downward channel resistance! (In addition, EMA200 is very close to it)
So, the current Adam & Eve Pattern looks like a combination of the previous two: we have a long wick right into resistance and the move to the upside, in case this pattern succeeds, is limited by the downward channel resistance. If the history repeats, we are to break above the resistance (neckline), meet the target at EMA200 and get rejected there. Does it have to act that way? Of course not, but this pattern is definitely something to keep an eye on.


What do you think about it? Give us your opinion in the comments!


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Comments

Makes no sense.
+9 Reply
TA: drawing random lines and structures
+7 Reply
@Magener, so, why are you here?)
+3 Reply
@Magener, anyways, thanks for your comment!
Reply
Its more like a C wave in 2 the B. Expecting after 8200/9100 1 legg down
+3 Reply
CryptoBullet ChenariJawad
@ChenariJawad, thanks for your opinion
Reply
Man, I am absolutely new to this, but thanks for a wonderful presentation within a beginners reach (if only just :) ). I will definitely follow you on a daily basis for more to learn.

Now, if you don´t mind, an operative question: I took a minor position close to bottom eve (slightly on the upwards), do you think I will see a pay off if I stay on towards expected resistance?

Thanks!
+3 Reply
@Toreaxx, Thank you for your kind words!
Reply
@Toreaxx, I think we have high chances to visit that resistance area once again.
Reply
Toreaxx CryptoBullet
@CryptoBullet,
Sounds good :)
Reply
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