Adam and Eve Double Bottom
Crypto analyst Christopher Inks has spotted a bullish “Adam and Eve” double bottom pattern on Bitcoin’s 1-hour chart. This pattern consists of two troughs with a peak in between.
- Adam: Sharp V-shaped bottom indicating a rapid price decline and recovery.
- Eve:
Rounded and gradual bottom indicating a slower price recovery.
Neckline and Target
The neckline of the pattern is a horizontal line around $67,000. A breakout and close above this line would confirm the pattern and signal a potential bullish reversal.
The target of the pattern is around $73,000, close to Bitcoin’s all-time high. This is calculated by measuring the depth of the pattern from the neckline to the lowest point of the Adam trough and projecting it upward from the breakout point.
Technical Indicators
- Volume: Peaked at the formation of the Adam bottom, indicating bullish sentiment.
- RSI: Neutral territory, indicating neither bulls nor bears have control.
- Stochastic RSI: Strong upward momentum, but showing a crossover in overbought territory, suggesting a potential pullback.
Outlook
If Bitcoin breaks above $67,000 and closes a 1-hour candle above this threshold, the bulls could target the all-time high at $73,780. However, the Stochastic RSI’s overbought conditions and crossover suggest caution.
