BITCOIN Adam & Eve = a common bottom pattern
Bitcoin (BTCUSD) failed to break above the 4H MA200 (orange trend-line) last week and the pull-back is testing the 4H MA50 (blue trend-line) today. Despite the short-term weakness, we have the completion of an encouraging pattern, the Adam & Eve (A&E).
I've displayed next to today's price action, three A&E patterns from recent history (Sep 2020, March 2020, Dec 2018), all of which formed bottoms on BTC. Notice the formation of a Golden Cross following the completion of all patterns. A new Golden Cross (when the MA50 crosses above the MA200) is close in today's sequence as well. In addition, the RSI sequences are also quite similar on all.
Do you think a break above the 4H MA200 confirms this pattern and essentially the bottom? Feel free to share your work and let me know in the comments section below!
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I've displayed next to today's price action, three A&E patterns from recent history (Sep 2020, March 2020, Dec 2018), all of which formed bottoms on BTC. Notice the formation of a Golden Cross following the completion of all patterns. A new Golden Cross (when the MA50 crosses above the MA200) is close in today's sequence as well. In addition, the RSI sequences are also quite similar on all.
Do you think a break above the 4H MA200 confirms this pattern and essentially the bottom? Feel free to share your work and let me know in the comments section below!
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
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