BTCUSD - The forbidden Fruit? Adam & Eve reversal possible.
Updated
A lowly long term bull in a forest of aggressive short term bears.
Levels, confluence, pattern rec.
http://thepatternsite.com/aedb.html
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.
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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?
Levels, confluence, pattern rec.
http://thepatternsite.com/aedb.html
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?
Note
A small update of some key levels.
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