ICXBTC - Adam and Eve Double Bottom Pattern
Updated
ICXBTC looks to be completing an Adam and Eve Double Bottom Pattern. This is essentially a double bottom where the left valley is steep while the right valley is rounded. The only issue is that the right valley did not reach quite as low as the left valley. Completion of the pattern signifies a full reversal from the downtrend and projects an additional breakout the height of the middle peak. So about 80% profit potential from the breakout point of 47000 SAT.
Other indicators are looking strong as well on the Day Interval Chart. The RSI has climbed above 65. RSI between 65-68 has been an area of resistance in the past. It would be very bullish to break through 68 to 70+ which is likely what will be necessary to complete the above-mentioned pattern.
Additionally, the MACD has just crossed the center line into positive figures.
Things look good. I am in already with a tight stop loss just in case it does not complete the pattern. If it does complete the pattern, then expecting a day or two of consolidation sideways before heading to the target above 70000 SAT.
Other indicators are looking strong as well on the Day Interval Chart. The RSI has climbed above 65. RSI between 65-68 has been an area of resistance in the past. It would be very bullish to break through 68 to 70+ which is likely what will be necessary to complete the above-mentioned pattern.
Additionally, the MACD has just crossed the center line into positive figures.
Things look good. I am in already with a tight stop loss just in case it does not complete the pattern. If it does complete the pattern, then expecting a day or two of consolidation sideways before heading to the target above 70000 SAT.
Comment
Initial breakout point reached. Last time the daily interval chart showed an RSI over 72, it followed with a 2 day gain of nearly 50%. Considering the MAC is in the positive now and climbing with a strong RSI, I see no reason for it not to continue through the breakout and to target of 7000 SAT. However, these patterns do allow for some consolidation similar to a cup n handle, so this would be the time for that to occur over a few days in order. Stop Loss is hanging out just below 4000.
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