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rising wedge reaches apex at same time dbl bttm reaches neckline P rice action is still stuck inside the 4hr charts rising wedge(in blue) and judging by how strong its top trendline's resistance is, plud the crazy coincidence of where the rising wedges trajectory crosses paths with the eve bottom trendline(in pink)'s trajectory, we have very high probability of being stuck inside this wedge all the way up the double bottom until wedges very apex. At it's apex , we can see is where it crosses paths with the Eve trendline, which coincidentally enough happens to be Eve's apex as well(the neckline of the double bottom). It would make sense that it would wait until the apex of both to finally break...reaching a boiling point with both the bears and the bulls who would both be in a complete fit of hysteria if the price made it to that crossroads before breaking out of the rising wedge. Bears would be in hystrics because a rising wedge typically breaks bearish and is therefore a bearish chart pattern, and bulls would be in hstrics because we had made it all the way up to the neckline of the Eve Double bottom and just about to trigger it. Both bears and bulls would likely be too blinded by FOMO, FUD, and their own biases at that point for the bears to consider the double bottom, or for the bulls to consider the rising wedge and you would likely see a massive bear and bull fight ensue (more intense than we have seen yet) with several bear trap and bull trap fakeouts as a giant candlestick tug of war would begin. W hether we make it to that apex crossroads or not before this rising wedge breaks down. . .one thing I think will happen sooner or later regardless is an inevitable breakdown from the wedge. I side with probability and probability favors a breakdown from big rising wedges....also, the top trendline of the wedge has already proven several times that it is an extremely strong resistance. It would be healthiest for the uptrend if when therising wedge does finally breakdown, that it does so well before the crossroads of the 2 patterns' apexes. O ne good spot I've found where a breakdown could occur is on the 26th of April. You'll notice that I have drawn two dotted breakout trendlines around this time one breaking bullishly upward from the rising wedge(in green), and the other dotted trendlinee(in red) breaking bearishly downward. The reason I think April 26th is the optimal place for a bearish breakdown is because the projected bearish breakout drop target would take the price just down far enough to halt bear momentum on the eve trendline(in pink) which could then act as strong enough support that it rebounds the price action with a bounce so big that it sends it all the way back upward finally breaking above the rising wedge....which then the upward price breakout target would reach the top of the double bottoms neckline. The symmetry with the projected breakout target line is astounding to me that a break up or a break down will send us exactly to an extremely important trendline on the double bottom. They appear to be equidistant with this rising wedge cutting right smack dab through the dead center of them during that date...and chart patterns seem to really crave symmetry at times.. S o for these reason I can see the rising wedge breaking downward by the 26th then bouncing all the way back up and then some...but if that doesn't happen then I anticipate that we may see a breakdown right at the crossroads of the do patterns' apexes which could be disasterous and complete negate the double bottom pattern potentially if it fell too deep. THis means that for the good of the bull market we would prefer the breakdown to happen around the 26th of April if one is gonna happen.
BITFINEX:BTCUSD
by DrDovetail
3
Bitcoin Adam and Eve Double Bottom - 20k by JulyBitcoin is making an Adam and Eve Double bottom which can be read about here thepatternsite.com . This is just about our last hope of bitcoin recovering in the short term, if this pattern fails, It will strengthen my belief that the cartel exists and is in-fact suppressing the price of bitcoin through the use of futures markets. This can be read about here steemit.com . Credit to both authors. Let's see how this plays out.
BITMEX:BTCUSD.PLong
by o0100011010
1
2 Patterns from 17kWe are only two successful patterns from 17k!! In the next week: First, I expect a rejection to retest today's log breakout: 9000 is a strong resistance for 3 reasons: - Round number effect - Fib 0.5 will encourage shorts - On level of March 22nd high. There were very strong bullish signs in the last week, and we can expect a battle for control at 7800-8000. In the coming 2-3 weeks: Obviously nobody knows where the market is going but sentiment is that the bulls are clawing back control. I am inclined to say we are heading towards the formation of an IH&S, once again retesting 9000. If this formation is successful we can expect to revisit 11400, forming an Adam & Eve pattern from this entire year's action. There will be a lot of sideways action around key resistances but the confirmation of today's log breakout will embolden bulls and intimidate bears. In the next month: As price continues to rise and bears adjust to the prospect of an incoming bull market we will see greater momentum. If the A&E is a success we can expect 17000+. Disclaimer From Bulkowski's Encyclopaedia of Chart Patterns, the IH&S would have a 74% chance of success and the A&E 66%. Combined, we have a 50% chance of reaching here IF the price rebounds from the log support. I am not making any buy/sell recommendations, but I will be following this as a basic plan. Play carefully until the formation of the H&S, and place conservative stops before each point of interest. Always wait for pattern confirmations and it's always better to take no action than to place a trade if you're not certain. We are only two patterns away from success, let that sink in! Any suggestions or commentary are welcome! You might save me some money. Cheers!
BITMEX:XBTLong
by cs_cryptowatch
[BTC] Bullish Fractals on Collision Course with 200-D SMA?My last BTC post mentioned the running triangle formation signalling continuation just after price rocketed upward on 4/12. That continuation eventually reversed at the dark red resistance line. I've noticed the same running triangle pattern may be forming on the larger consolidation we're going through right now. FRACTALS! Just for education purposes, the running triangle is essentially a symmetrical triangle (continuation pattern). The difference is that wave B ends higher than the beginning of wave A. The rest of the pattern looks the same as an ordinary symmetrical triangle. I noticed that this pattern is the same that occurred during the reversal of the low of $6000 on 2/6. Eventually this continuation run exceeded target price by a little. Another note, I remember that the consolidation back then was crazy and frustrating for traders gauge, just as is it is now. Now, the real kicker is that the target price zone between the 1.618 and 2.0 fib extension (green box) is right where the 200-day MA is about to meander through. That makes an ideal top and target price to shoot for, if this running triangle formation does in fact breakout. HOWEVER, this assumes that price will breakout of both the bright red downtrend resistance from the ATH and the thin dark red resistance. That's going to be a feat and a half. So take precautions, wait for the breakout before initiating longs , reduce your risk. This also aligns with ongoing idea of a long-term Adam&Eve reversal formation, quite nicely actually, the lines that I've kept on this chart since the $6400 lines aren't based on anything but forward-looking visualization of the pattern. Coincidentally though, the rounded "Eve" bottom is filling out quite well, but anything could happen in crypto!
BITFINEX:BTCUSDLong
by NYFinancials
Why I think BTC will get HIGH on 4/20So many reasons to be bullish right now. First and foremost, is the current bull flag we have been forming on the 1day chart. 2nd is that the projected trajectory of the eve trendline's ascending curve(in pink) continues to be validated. Third, we still haven't reached the projected breakout target of the descending triangle we broke out of(in purple) and we also haven't yet veered away from that target but are still well on the path and direction of the uptrend to reach that price target. In order to reach that target we must break upward bullishly from the current bull flag. 4th not shown here are the 4hr charts T-line and 50MA both are up inside the current bull flag and both are currently acting as support and just below them we have the eve trend support line and the bottome trendline of the bull flag so lots of support to keep it from breaking down. The one thing the bulls currently ave in their favor is the 1 day 50MA(in orange) is currently blocking the bullish exit on the bull flag. However I think by tomorrow the support lines will all converge closely enough together to create so much support that they will be able to squeeze btc above the 1day 50MA, and shoot it upwards where it's next big challenge will be the 1 day 200MA and just above that the 10,000 psychological resistance. I may take small amounts of profit if we see the 200ma or the 10,000 psych resistance swat the price back down..but if I do it will only be a fractional amount since being above the 4hr 50ma tis long has put us in a buyers market where its wiser to buy dips than try to accumulate more through shorting. If the bullish breakout allows us to close 5 consecutive 1 day candles aboe the 1 day buy/sell line(50MA) then we will be in a serious buyers market and I will likely not do too much shorting while we are above it but rather only buy dips....The last big thing to mention is that we are in a massive descending triangle pattern on the weekly chart. If we break upward from the current bullflag by 4/20 that will give us 2 days before the weekly candle closes which will likely close it above the weekly descending triangle which could send us all the way up to 18,000 eventually. I think if we see a bullish break upward from the 1 day bull flag(which probability favors) it will greatly increase the probability of a break above the weekly descending triangle..and create a bullish domino effect which could give us a bull run for the entire 2nd quarter potentially and even a chance at a new all time high. Of course these are simply my hypothesizations and not meant to be taken as financial advice. I prescribe that you make your own decisions this is simply the path I will be most likely expecting to unfold. Thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
11
BTCUSD - The forbidden Fruit? Adam & Eve reversal possible.A lowly long term bull in a forest of aggressive short term bears. Levels, confluence, pattern rec. thepatternsite.com Adam & Eve Double Bottoms Overview Adam is a term that describes how the bottom looks, in this case, a narrow, pointed bottom, perhaps with a one-day downward spike. Eve bottoms are more rounded looking and wider. If they have spikes, they tend to be more numerous and shorter. Many times the difference between Adam and Eve is the width of each over their entire height. Adam bottoms tend to remain narrow but Eve bottoms widen over their height. When trying to decide which is which, ask yourself if the two bottoms appear different or similar. With Adam & Eve, the two should look different (the first narrow and the second wide). The Adam & Eve double bottom is a chart pattern that performs best in a bear market. In a bull market, however, it's just an average performer. Before trading, wait for price to close above the peak between the two bottoms, confirming the Adam & Eve double bottom as a valid chart pattern. When compared to the other Eve and Adam combinations of double bottoms, the Adam & Eve double bottom places second only to Eve & Eve in the average rise category. The throwback rate occurs just over half the time (59%) so recognize that price may double back and continue lower than you would like. -- Note: I do wonder how much influence analysts have on the market as a whole, could it be that the utter bearishness of the TradingView top authors is holding the market back?
BITMEX:BTCUSD.P
by jackdavidpiney
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!
BITFINEX:BTCUSDLong
by DrDovetail