BTCUSD - Long Call - Potential Adam & Eve
Long term call looking at the 1 Day Interval following completion of the previous Inverse Head and Shoulder Call/Breakout.
Currently, BTC is sitting between the 100 day (yellow) and 200 day (red) Moving Averages. Short term, looking for BTC to break continue to find support on the 200 day and finally break through the 100 day which would result in a clear shot to completion of the Adam and Eve Pattern - steep valley followed by a more rounded valley. Completion of the pattern occurs when it returns to the peak between the two valleys which was set on 2/20 at around 11,800. Could see some sideways action at that time before breaking out from the pattern and heading to the Adam and Eve Target around 17,600 (based on the difference of the mid-pattern peak of 11,800 and the low of 6,000).
RSI is currently above 61 which had been resistance. Looking to retest 61 soon as support. Dropping below 61 would not be the end all, as the next support quickly follows at around 51. Dropping below 51 would cause me to reassess the chart.
MACD is still a bit behind, looking for it to break 450. This would be an additional bullish sign.
Currently, BTC is sitting between the 100 day (yellow) and 200 day (red) Moving Averages. Short term, looking for BTC to break continue to find support on the 200 day and finally break through the 100 day which would result in a clear shot to completion of the Adam and Eve Pattern - steep valley followed by a more rounded valley. Completion of the pattern occurs when it returns to the peak between the two valleys which was set on 2/20 at around 11,800. Could see some sideways action at that time before breaking out from the pattern and heading to the Adam and Eve Target around 17,600 (based on the difference of the mid-pattern peak of 11,800 and the low of 6,000).
RSI is currently above 61 which had been resistance. Looking to retest 61 soon as support. Dropping below 61 would not be the end all, as the next support quickly follows at around 51. Dropping below 51 would cause me to reassess the chart.
MACD is still a bit behind, looking for it to break 450. This would be an additional bullish sign.
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