Adam
Bullish breakout confirmed; following eve bottom preciselyNot unexpected the great bullish price action I woke up to this morning but still a great feeling to finally see the breakout from the falling wedge I had been expecting finally triggered. What's more than that, if you look at the bpottom wick of the current day candle you will see it bounced upward off of the eve bottom that I have laid out precisely, further giving credibility to the eve bottom I have drawn out. Hopefully more traders(bears specifically) will tqke my hypothesis more seriously now that we are continuing to see it play out to a t. I hope all who have been following my ideas thus far have been accumulating some of the top alt coins at a very cheap discount leading up to this, I remain truly optimistic that we will be experience a bullish 2nd quarter and possibly even a new all time high during this second quarter....For now though we are just trying to take it one step at a time and this first step of a higher high after achieving all these multiple higher lows is monmental. Next we want to see one more consecutive higher high to confirm the bulls have taken back control...after that we will be looking to break the neckline of the double bottom by reaching 10400-10500 by the 4th or 5th of May and hopefully by then we have had enough upward momentum to flip the death cross back over to a golden cross to give us another great bullish boost as well. All those conditions combined I think could certainly eventually lead us to a new ath...but don't be araid to take some profits along the way. Best of luck and thanks for reading!
BTC may be forming an Adam and Eve, but don't trust it yet!First let me lead this by saying that I am still a bitcoin bear. The trend is your friend, and the trend is down . Until we have confirmation of reversal, traders should be extremely wary of taking on long positions, especially with such low volume on most major exchanges.
With that out of the way, it's also important to begin paying attention to possible reversal signals. Looking at BTC we can see a fairly obvious "Adam and Eve" formation showing on the charts. For those unfamiliar, an Adam and Eve is a type of double-bottom where the second bottom is much flatter than the first. This formation generally means both sellers and buyers are much weaker than at the previous bottom, and a small amount of good news / positive sentiment can push prices up.
For confirmation we need to see a break of 12K. Of course, this is quite delayed, and as traders we want to enter much earlier.
The earliest possible confirmation would be a break of the long-term descending trendline. You may note that I haven't drawn this "perfectly" - trendlines should be treated more like trend areas. My trend "area" is drawn to be parallel with the lower supporting trend "area." Either way you draw your lines, this would occur around the $7,800-$8,000 price range, depending on the length of time in which these moves occur.
The next major price level would be $9,200, a level we have historically struggled with.
While $10K may be a significant psychological price level, I do not find it very significant from a chart perspective. I believe if we break $9,200 and hold above it, $10,000 would fall shortly thereafter.
lastly we have the major $12K level would would confirm the formation and bull market.
To reiterate, in no way shape or form am I expecting this A&E formation to play out. However, it is important as a trader to recognize its possibility and be prepared to respond accordingly. If price begins rising out of the "eve" bullishly we must reassess our bearish point-of-view. A trader who cannot change perspectives or recognize trend reversals is dead in the water.
Finally, you may have noticed I switched to bars over candles. I've recently begun preferring them for cryptocurrencies over candles due to the fact that the market never closes and bars remove a great deal of "chatter." I still prefer candles for stocks, due to gaps and the nature of stock market trading. Either way, price-action is price-action - use what you like!
$SALT SWING PLAY$SALT appears to be in an Adam and Eve double bottom atm. $BTC is expected to drop in the coming days, so I'd expect $SALT to drop too before hitting upper channel with ease. Profits could be taken there, or it can be held longer for more gains in the coming months. Their credit card is set to launch on June 30th, so the upper hodl targets seem possible imo (unless they miss their launch date).
Adam and Eve Bottoms. History Repeating (long term)Stull hypothetical but with each 1 day candle that passes the eve bottom continues to fill out within the parameters. Here is a zoomed out view of what I think is a fractal repetition from the smaller one that formed back around september 15th of last year...the bullish volume spikes you'll notice from each one are very similar with the one this february being only slightly higher than the one last september...this was the biggest volume spike of the year and once the adam and eve was verified it onyl took about 12 fdays after to reach its projected target height. We can see where it led to afterward...so just imagine the same thing but now on a scale 5-10 times as big. That's the potential I still see unless price action decides to break the higher low pattern its been in and crashes under this...but for now it is sill very much in play
Possible Adam & Eve Reversal Forming Long-Term [BTCUSD]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.
An important flashback to a previous Adam and Eve Double bottomhere we have on the 1 day chart, back on a very important day in bitcoin(September 15th, 2017), something extremely worth noting the importance of. You can see where I've circled on the volume chart the tall green bar for that day...this green bar just so happened to be the biggest bull volume swell of the entire year of 2017 and it was exactly 3 months later on December 15th that bitcoin hit it's all time high. I originally assumed that this volume bar was the main catalyst for that all time high and later after the low in February, when we received yet another huge bullish volume burst that was even somehow slightly bigger than this one, I anticipated that we may get lucky and reach a new all time high 3 months from february 6th (May 6th)....at the time I had only that to go on...until the possibilities of an Adam and Eve double bottom to lift us out of are current dip started becoming a real possibility and then I decided to look back to this september catalyst to check and low and behold we formed an adam and eve double bottom during its volume spike too...which further convinces me both that we are about to have a valid adam and eve double bottom...and an eventual bullish breakout that then eventually leads to a new All time high. This is nothing but a little bit of history repeating...so if we do complete this adam an eve double bottom I think a new all time high around may-june is entirely feasible. I haven't heard anyone else yet say they spotted this so I wanted to be the first to put this idea out there to help get others to notice it...I haven't checked the moving averages with it but it wouldnt surprise me if there was a death cross somewhere around this time frame too...I will check after I initially post this idea and if there is I will notate it in the update section. Cheers!
What hints to expect if the Adam & Eve Double Bottom is ValideHi all just wanted to gie you an idea of what to watch for if this bigger Adam and Eve double bottom is valid. If it is the size I'm projecting, then the bottom is likely already in at $6420 back on Easter(aka Jesus' resurrection and possibly btc's resurrection?) so far we have just established a higher low on the 4hr chart after the higher high we had of 7500 so we need now to establish one more higher high on the 4hr to give control of price action back to the bulls...we will probably form a higher low on the 1 day chart before that happens though so be on the lookout for a higher low on the 1 day as that hasn't happened yet. If we can achieve a higher high on the 4 day that will be a great sign. If the Eve bottom truly is forming the way I think it is we should also on the next retracement only go down to around 6520-6660 max before picking back upward...as you can see by the symmetrical arc I gave it (which in crypto things rarely prove to be that symmetrical but it's just a rough guideline to go by) we have reached the end of the downward motion and should start sloping upwards if so we won't be going under 6800 again after the 15th of april....and if this is correct we should be back above 10400 by may 15th but we could also easily break above that and validate the adam and eve far before that since things are never quite that symmetrical. To reach those heights by May 15th would be excellent, and when you realize that the volume spike we got on february 7th is larger than the one from last year that 3 months after it happened we got the alltime high...there's very good reason to believe that we may be able to reach another all time high some time in May. Breaking above the 10400-10500 area and closing above it by may should trigger the eve shoulder and send us upward to 14700 or so...an from there the FOMO that kicks in could easily take us above our all time high...especially with all this news of institutional investors entering the market, and people like rockefellers creating venture funds for crypto and george soros getting involved in crypto...it all hints at a very bullish turnaround very soon. So for the longterm at least I am long so this idea will be long...but in the immediate day or 2 we may drop back down to the uppers 6500s-6660 region and then by the 15th of this month i dont think you'll see us get below 6800 again. You choose your own path however as this is not financial advice. Good luck and thanks for reading!
My Thoughts On a Potential Adam and Eve Double Bottom (longterm)A fellow tradingview publisher by the handle of @BTCookieMonster (follow him and give his charts views and likes please) created a very nice chart hypothesizing an Adam and Eve Double Bottom which would result in a great uptrend. I totally agree with him and find that outcome highly probable but I think his adam and eve is really just Eve.....and That Adam is the Low from February....here is his chart which focuses on the 4hr timeframe: which is very well laid out. Above you can see on my 1 day chart however that this pattern can easily be applied to more zoomed out starting with the Adam bottom from February 6th and what we are experiencing now and have been since the Adam completed is the Eve Bottom. Should this trend play out on this larger timeframe as I am hypothesizing the upside of it will be much bigger and could take us all the way to 14700 and back into the bull market for Q2. For this Adam and Eve to be Valid though we would have to break somewhere between 10500-11000 depending how many days from now it takes to reach that...I'm thinking we could see something like this as soon as the middle of this month...of course we could always dip lower but probability makes this outcome fairly possible. Of course whichever choice you take, I always usually err on the side of probability while at the same time I stay completely prepared for the exact opposite outcome..You choose your own path however for this is not financial advice. Good luck and thanks for reading!
[XLM/BTC] - Possible Reversal ImminentStellar could be forming an Adam & Eve reversal pattern here going into the 6H cloud. If completed, it could coincide with a kumo breakout which are both bullish signals. Look for an entry once the next couple days if this plays out.
Maximum Hopium? Adam & Eve Bottom + Inverted Head & Shoulders!If you're looking for bullish signals, look no further.
If completed, this adam and eve double bottom + inverted head and shoulders would signal a bottom has been found surging the volume and price skyrocketing upwards.
Hopium levels in overdrive here.
Tread the chop carefully and be patient.