Points to consider,
– Trend Consolidating after initial bull move
– Support is found in the green zone
– Local resistance is at the $9,700 area
– Stochastics currently trading neutral
– EMA’s supporting price
– has tapered off
– Technical target in confluence with local top
After recent pump in bitcoin’s price, it has been consolidating above the $9,000 price, which is very . Adam was formed by a V-Shape recovery and Eve is currently being formed by a rounded bottom, this technically is a formation, a pattern that needs to break resistance for confirmation.
Support is found in the green zone, price has tested this area twice, putting in a potential within a formation. Local resistance is found at the $9,700 area, this is a key area in the formation, and it needs to break for a confirmation and a continuation in the overall trend.
The Stochastics is currently trading neutral, is has stored momentum in both directions. We need to see more signs to determine where the stochs are headed. The however is respecting its ; it needs to hold for Eve’s rounding bottom to complete.
The EMA’s similarly to the needs to hold price as support to complete Eve’s rounding bottom as it comes into local resistance. is very important to watch if and when price testes local resistance. We need to see an influx of bull upon breakout; this will complete and confirm the formation.
Overall, IMO , this Adam and Eve pattern will come to fruition if the EMA’s successfully hold price as it comes into resistance. A break needs to be backed by bull to avoid the chances of a false break. The technical target for this Adam and Eve formation aligns perfectly with the local top…
What are your thoughts?
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“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
Published at Sun, 03 Nov 2019 00:26:12 +0000