Possible Adam & Eve Reversal Forming Long-Term [BTCUSD]

Updated

Really can't say much here on why this formation may take place. Mostly just a hunch, based on my perception of price action as of right now. The downtrend seems to level out as you would see in the Adam & Eve Double Bottom reversal. RSI is also gaining steam on the 1-day chart.

If we drop below previous low of 6000, the formation is invalidated. If confirmed by breaking through 11600 area, upside potential would be great.

Let me know your thoughts.

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Looks like there may be another, smaller A&E double bottom forming right now at the bottom of the larger second valley. It would have to surpass the yellow resistance line which originates for Sept '17 for confirmation though. We'll see...

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Massive surge! Bouncing off the yellow line currently, confirming the smaller fractal A&E reversal. I'm not bullish until price holds above the yellow line, this surge seems to be part of a huge deleveraging of shorts. Some varying degrees of manipulation also possible, keep margin positions small and be careful trying to trade right now.

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So far so good on this formation! Check out the latest chart for more up to date TA:

[BTC] One Small Burst Up for Bitcoin Before Correction?

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While I was excited to see this reversal pattern fill out nicely, BTC was much too overextended this last run. I'm still optimistic about this long term pattern, but i'd estimate we have to consolidate for a week or two before taking a crack at the 11.7k highs.

Watch the yellow support we're hovering at right now!

NYFinancials

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