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ADAM&EVE DOUBLE BOTTOM ON ETHUSDHi guys, A short analysis on the short-term on the hour chart for ETHUSD. H&S failed on the right should, the pattern is not valid. As you can see, we are testing the 2nd Fibonacci up support level [ $674 ], if we break that support with a great green candle, the Adam&Eve double bottom will be confirmed and the potential bullish move could reach $690 again, that is to say tomorrow. Take a look at my previous analysis, in which I put in evidence some key insights like ABCDE Elliot wave and potential supports on the 4-hour chart.
BITFINEX:ETHUSDShort
by HatrekoS
BTC Adam & Eve double bottom Hello traders, investors, bears & bulls and all you newcomers Today I would like to share with you Educational TA. The chart shows possible Adam & Eve doubble bottom pattern forming as title says The Adam & Eve double bottom is a chart pattern that performs best in a bear market. Double bottom pattern which occurs when price drops to a low and forms a valley, rises, and then forms a second valley near or at the same price as the first one. The shape and average price rise action of the double bottom can vary from pattern to pattern. Adam bottoms are narrow, often one-day price spikes. Eve bottoms are wider and more rounded looking. Eve bottoms may also contain price spikes, but they tend to be shorter and more numerous. more in the TA Hope you find this info helpfull :)
BITFINEX:BTCUSDEducation
by Anoinvest
4
BTC: Adam & Eve Still Go, But Careful in Case of PullbackIf BTC does cool its jets and pull back soon, we can still look to the 8.3-8.6k region for strong fib/price structure support and a continuation of the Adam & Eve pattern upward. However if it maintains its current momentum and the bulls defend all sell-offs, BTC is looking at 10k and higher sooner than later. Either way, always good to keep probable scenarios in mind in making responsible decisions considering risk-management.
BITFINEX:BTCUSD
by serekamina
BTC forms another higher low; double bottom trajectory adjustedI didn't bother shorting this recent minor correction dip because 1. We didn't form a lower low first and foremost and 2. We maintained support at the 4hr 50MA buy/sell line (in orange). I did however have to slightly widen the trajectory of the double bottom Eve trendline(in pink) to make room for that extra red 4hr candle...which has pushed the projected date for when price action should meet the neckline of the double bottom back a few days to May 3rd. So far just a minor road bump, and we are still well on course to validating it. As I said in my previous idea I'm noticing a reoccurring fractal all throughout many altcoins right now that I think may give us a clue of what to expect after we were to trigger the double bottom and hit its upward projection. I wanna make sure before I bother putting a hypothesis like that out there, that I make sure we are out of the bear woods first (which I believe we are) but I will still wait for one o my next couple of upcoming ideas I post to go into more details about my thoughts on this. For now I'm just happy to see the Eve line we've been following all month is still in tact and glad the bulls still hold the reins.
BITFINEX:BTCUSDLong
by DrDovetail
1
btc skimming the wall of the eve bottom forming bullflagBTC is once again pressed itself up against the side wall of the eve bottom with not much room to spare this time doing so by forming a bull flag right along the same price point as the breakout target from the falling wedge we broke out of yesterday. Odds are good within the next 2 candles we will break upward and the projected upward target of this flag will take us just under the projected upward target of the bear flag we also should have broken up out of as long as it was valid(which I think it was but it's just taken its time reaching the target) Right now we have a very strong double reinforced support of both the 4hr t line(in yellow on this 4 hr chart) and the 1 day charts 100MA(not shown here) . big support lines from 2 seperate timeframes converging as double reinforced support...just above that though at the 50% fib extension level (in green) we are currently holding support of the candle body and simply throwing bottomwicks underneath it. I anticipate this will most likely hold support for the current 4hr candle and expect our following 4 hr candle 2 hours from now will be a green one. One other very interesting thing I'm noticing on a fractal nature has got me making a very wild and currently unsubstantiated hypothesis about where the price action will be going after we break the neckline of the double bottom. Stay tuned as I will be getting into that theory. In my next idea and it is indeed a very exciting prospect. Thanks for reading **DISCLAIMER: Not Financial Advice**
BITFINEX:BTCUSDLong
by DrDovetail
2
Bullish breakout of fallingwedge/bearflag combo Bulls run loose!There was no more room left to go sideways as the price action got pinned up against the Eve trendline(in pink) and since the falling wedge(bull pattern) broke out first before the bearflag(bear pattern) had a chance to breakdownward it caused both to break bullishly upward....the upward projected breakout target for the wedge is $9238 while the upward projected breakout target of the bear flag is 9847. I'm confident we will at least climb to $9238 in the net few candles, but there's a chance that the breakout of the wedge completely invalidated the bear flag pattern which would mean it wouldn't guarantee that patterns bullish price projection...at the same time they both could be triggered...either way we will find out soon enough. If both were triggered that would provide double the bullish momentum so we should reach the higher target sooner rather than later if ithey were both indeed validated on this breakout. We are only further validating the legitimacy of the Adam and Eve double bottom as each day passes. I anticipate we will still reach its neckline around the 29th of April as everything still looks well on target. Thanks for reading and be excellent to eachother.
BITFINEX:BTCUSDLong
by DrDovetail
2
Nearing the neckline; being squeezed between 4hr Tline & 50MAPrice action is currently being squeezed between the 4hr buy/sell line(50ma) and the 4hr tline(8 EMA) and should shoot one way or the other soon enough. I expect a break upward even though it's currently forming a bear flag(which usually breaks down). A break below the bearflag could take us as far down as $7938 but if we go up then we could hit the neckline of this double bottom pattern by the 29th of April. Even though the bearflag(in red) which tend to break downwards has formed, that bear flag has formed inside a falling wedge(in tannish green) which have a tendency to break upwards. Often times these patterns become bear patterns cloaked in bull patterns or bull patterns cloaked in bear patterns. A break up from the wedge would only result in a projected uptrend target of $9238 which would continue skimming along the top surface of the eve trendline(in pink)'s current trajectory....however breaking up from the bearflag could have enough momentum to take us to $9874. It all depends on which pattern is more valid. They may both be valid. If either pattern breaks up the trajectory of the Eve line does not change and we would have a current projected date of April 29th as when we could reach and test the neckline of the Adam & Eve double bottom...If we broke downward, that would put us under the 4hr buy sell line and also give us a lower low which would mean a shorting opportunity, taking us all the way down as far as $7938 and significantly changing both the trajectory of the Eve trendline, and also which date it would reach the double bottom's neckline. As long as one is prepared for both potential outcomes, both outcomes can be a solid opportunity and fortunately neither will nullify our double bottom pattern. For a multitude of reasons I think probability favors a break upward, once the 50ma and the t line are done squeezing the price action I anticipate the 50ma teams up with the eve trendline and should have enough combined support to shoot the price action above the t line. So for now I am still long, but I will be ready to short should the opposite outcome occur. You of course make your own decisions as this is only my personal strategy and in no way meant to be taken as financial advice. Good luck and thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
7
Bitcoin still has still not formed a lower lowThe dip continues as the price action seems to be forming a bear flag as I had hypothesized 2 ideas ago. I have readjusted the eve trendline to rest at the bottom wick of the most recent low and see that after readjusting the trendline that it is still projected to reach the neckline around May 1st. One thing I need to mention about the pink eve trendline is that the eve trendline, much like the moving average lines, is fluid and can change its currrent trajectory slightly as we go as long as the curve can still connect to the majority of the bottoms wicks we have already passed along the way with no wicks or candlestick bodies dipping below that line. The slight readjistment I have made to fit in the current price action has not effected the projected date of May 1st as the date we reach the neckline. However there is a real possibility since we didn't have as huge of a rebound as I thought we would yet off of this eve line that the trajectory of it is potentially as low as I had projected it to be 2 ideas ago which would be right around $8136. Currently the 4hr 50MA(in orange) is holding support and just below that is the 0% fib line at $8614. If we fell below the 0% fib line and went under $8614 not only would we form a lower low but at that point us falling further to the 8136 mark would be much more likely. Our current resistance level is the 23.60% fib line(in white) at $8886.90 with a range all the way down to the 0%($8614) fib line as support. As long as we don't form a lower low from here upward is the only direction we can go. If we do form a lower low I think $8136 is extremely possible and that also the eve trendline line will have to be readjusted. Unless we get a lower low only buy the dips as long as we haven't gone under the 4hr 50ma(buy/sell line) it's hard to tell which of my last 2 ideas are the more accurate one at this point. The only thing certain in this life is uncertaint.
BITFINEX:BTCUSD
by DrDovetail
7
BTC Target - $15,650 upon 'Adam & Eve' confirmationHello traders! Here we have a daily BTCUSD chart where we might have a possible Adam & Eve Double Bottom Formation. Potential target for the Adam & Eve formation calculation goes as follows: $11,780 + ((11,780 - 5,920) x 0.66) = $15,647.60 TARGET (in Red): $15,647.60 Break above $11,780 serves as a Pattern confirmation (in Pink). *** Potential 32% gains *** **** If you like this idea please like, share and follow for more to keep me motivated **** ***** NOT FINANCIAL ADVICE *****
BITSTAMP:BTCUSD
by stackit
6
Risingwedge already broke up original eve trajectory was correctI need to post this to keep people from going short on my last projected price drop. While I was correct that we would fall until we hit the support of the pink eve trendline and then rebound up from there, I foolishly thought that we hadn't already broken out of the rising wedge, even though my original trendline of the rising wedge(which was drawn by the candlestick bodies) had already broken out above. A day prior to me redrawing the rising wedge top trendline by the wicks instead of the candle bodies, I had a discussion with someone who claimed he thought the wicks of the candles were more valid. I almost always go by the bodies of the candlesticks for trendlines but there was a chart pattern at the time of the discussion which ended up being valid by both methods after being drawn on both the wicks and the bodies. Because of this I decided to reconsider that the real top trendline of the rising wedge may be actually the wicks instead of the bodies, and thus redrew the top trendline and I didn't credit the rising wedge as already being broken upward....due to me widening the size of the rising wedge after moving the trendline to the wicks it also lengthened the potential breakout projection target line as well. It was for this reason that when I tested how far the potential breakdown target would be, that I also decided to widen the original trajectory of my eve trendline(in pink) slightly to make room for this projected price drop. Unfortunately this was a big mistake because if you simply look at my original eve line trajectory I had chosen in this previous idea: press play on this chart and you will see my original eve line trajectory projection is exactly where this current price fall stopped before bouncing back upward and forming a green long legged reversal doji on the next candle. I feel that this tells me 2 things. 1 - my original top trendline of the rising wedge was most likely correct and we have already broken upward from it which keeps us from having a serious drop now that we've gone back down under the wedge(which you can also see the validity of the breakout upward just by how bullish the price action got right when we broke above the original top trendline), and 2- that if this is the case, that we need to flip back to long and market buy back in for a short loss. The other reason I got bamboozled on this is because gdax's price for whatever reason dipped way lower than this bitfinex chart's and threw me off big time. There is still a slight chance we may form the bear flag I was anticipating and drop to that target afterall but now that I have seen the price get supported exactly on my original eve trajectory line, as well as followed up by a green long legged doji reversal candle on the 4hr which was followed by more bullish action I think the probability is much higher that this was where the downtrend will stop...we also created a higher low in the process which signals that we should continue this current uptrend until a lower low is formed. Had I simply followed the higher high/higher low principle I wouldn't have even shorted at all. Anyways, the good news is if we have indeed just formed a higher low, the trajectory of the eve bottom line is on point to reach the neckline of the double bottom pattern by around May 1st....which gives my original guesstimate of reaching a new al ltime high byas early as May 7th much more capability. If we were to hit a new all time high on May 7th that would completely validate the fractal from the adam and eve bottom last september that led to our last all time high. I think we will hit a new all time high sometime in may-early june...but to get it on the 7th of may would truly be special. Thanks for reading and best of luck!
BITFINEX:BTCUSDLong
by DrDovetail
2
Rising wedge breaks down at healthiest possible time for bullrun As I posted on my previous idea, we knew that the resistance of the rising wedge's top trendline was too strong for us not to eventually break down from the wedge, and just now in the last 4 hr candle we have confirmed that breakdown. I said in the last idea that ideally the 26th would be the most opportune time for the rising wedge to fall to and bounce up off of the eve trendline because the projected breakdown target of the rising wedge would hit its target and run out of steam right at the eve trendline which sets it up perfectly for a big bounce/rebound, one powerful enough to then break us back upwards from the rising wedge and take us up towards the neckline of the double bottom(dotted white horizontal line)....so far it appears that we have currently found some support at the 23.60% fib line at around $8689, and my guess is we will start forming a bear flag here. This is also the eprfect place to form a bearflag because the projected breakdown from a bear flag here matches the exact projected breakdown I have for the rising wedge...which would also run out of bear steam right at the super strong support of the eve trendline. If this happens the way I anticipate, then I expect a huge bounce at the eve line that will rocket us back up through the rising wedge and over 10,000. To have this happen now instead of closer to the rising wedge's apex is essential for us to preserve this double bottom pattern we are in. So for now I'm flipping my stance to short but only until it reaches around 8136 where I anticipate the bounce...and as I said in my idea yesterday I think it will reach that price point sometime on the 26th..so we will either see the bounce happen late evening of the 26th or sometime on the 27th. Of course this is all just what I feel to be the most probable outcome...its still very possible for us to form a head and shoulder pattern here and plummet further...I think probability favors the idea I'm siding with but I will as always be prepared for either outcome. You choose whatever path suits you best, for this is not financial advice. Thanks for reading!
BITFINEX:BTCUSDShort
by DrDovetail