SUPER-RARE Bullish Adam and Eve Continuation Pattern on ETHUSD

Adam and Eves are typically bullish reversal patterns but we appear to have a pattern developing here within a channel/consolidation pattern. We have Hidden Bullish Divergence on both the RSI and the MACD so an uptrend seems likely. If this does perform like an adam and eve then you basically go long one penny above the peak of the red arrow and try and get those gains, adjusting for under or over performance, which would be the height of the shallowest formation, in this case the eve. Considering this isn't a typical continuation pattern I have no idea if this will under or over perform.

Comment:

We have a consolidation triangle forming at what I think still believe is an Adam and Eve acting as a continuation pattern to the upside. The price action is currently squished right between the support established at 110 and the Point of Control created from the last leg of the downturn and then the uptrend from $80. The Average True Range is on the decline, suggesting a major increase in volatility is due.

If we break to the upside we will probably have a slow going till we break through the high volume node to the upper edge of the value area at 145. The Eve may develop a handle as it consolidates through the HVN at centered at 160.

If course, if we break to the downside the stopping point is most likely one of those HVNs shown with purple arrows. This allows a straddle for those that want to play both sides.

Big picture is we still have a massive falling wedge. The purple is the wedge I see others drawing and the blue line is a sub-wedge I have been watching perform. We have a 10D bullish MACD cross so I remain positive we will be moving to the upside. If this triangle breaks downward I'll just need some more patience. Place stops and entries accordingly.

Comment:

Zoom in of the triangle

Trade closed: stop reached