{"id":603645,"date":"2024-04-17T08:00:40","date_gmt":"2024-04-17T08:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=603645"},"modified":"2024-06-11T06:59:58","modified_gmt":"2024-06-11T06:59:58","slug":"bitcoin-displays-bullish-adam-and-eve-double-bottom-what-it-means","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-displays-bullish-adam-and-eve-double-bottom-what-it-means\/","title":{"rendered":"Bitcoin Displays Bullish Adam And Eve Double Bottom: What It Means"},"content":{"rendered":"

In his latest technical analysis, Christopher Inks, a recognized figure in the field of crypto analysis, points to the possible formation<\/a> of a bullish Adam and Eve double bottom pattern for Bitcoin. This formation is spotted on the BTC\/USD 1-hour chart and has significant implications for the cryptocurrency’s short-term price action.<\/p>\n

The chart depicts Bitcoin’s price movement with a distinct pattern that resembles two troughs with a peak in between. The first trough, known as the “Adam,” is characterized by a sharp, V-shaped bottom, indicating a rapid price decline and equally swift rebound. This is followed by a more rounded, gradual, and wider “Eve” trough, suggesting a slower and more deliberate price recovery.<\/p>\n

\"Bitcoin
Bitcoin possible Adam and Eve double bottom in progress | Source: @TXWestCapital<\/span><\/figcaption><\/figure>\n

Bitcoin Targets Its All-Time High<\/h2>\n

In this analysis, the price level to watch is marked by a horizontal yellow line, which Inks suggests is the neckline of the pattern. A breakout and close above this neckline would confirm the pattern, signaling a potential bullish reversal<\/a>. The importance of this neckline, which lies around the $67,000 price level, cannot be overstated as it represents a key resistance point that the price needs to surpass to confirm the pattern.<\/p>\n

Related Reading: Why The Bitcoin Halving Matters, But Not The Way You Think: Expert<\/a><\/div>\n

To derive the target of the pattern, Inks uses the depth of the formation, measuring from the neckline to the lowest point of the Adam trough. This height (8.88%) is then projected upward from the breakout point, suggesting that the pattern target would be in the area of $73,000, close to Bitcoin’s all-time high<\/a> (ATH).<\/p>\n

Other technical indicators on the chart include volume, the Relative Strength Index (RSI), and the Stochastic RSI. Volume, denoted at the bottom of the chart, has shown a significant peak at the formation of the Adam bottom, followed by less pronounced volume during the formation of the Eve. This volume profile often accompanies the Adam and Eve pattern and can serve as a confirmation signal of the bullish sentiment.<\/p>\n

Related Reading: The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?<\/a><\/div>\n

The RSI, a momentum oscillator that measures the speed and change of price movements, is at 47, neutral territory, showing that neither bulls nor bears have gained full control yet. The Stochastic RSI, a more sensitive indicator that combines the features of stochastic oscillators and RSI, is indicating a strong upward momentum, with a reading above 95 out of 100, which could suggest potential for a short-term pullback due to overbought conditions.<\/p>\n

Finally, it’s important to note that the Stochastic RSI is showing a crossover in the overbought territory, which can sometimes precede a price correction. However, given the bullish pattern indicated by the Adam and Eve formation, the sentiment appears to lean towards an optimistic outlook. If BTC price breaks above $67,000 and closes a hour-candle above this threshold, the bulls could target the all-time high at $73,780.<\/p>\n

At press time, BTC traded at $63,571.<\/p>\n

\"Bitcoin
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In his latest technical analysis, Christopher Inks, a recognized figure in the field of crypto analysis, points to the possible formation of a bullish Adam and Eve double bottom pattern for Bitcoin. This formation is spotted on the BTC\/USD 1-hour chart and has significant implications for the cryptocurrency’s short-term price action. The chart depicts Bitcoin’s price movement with a distinct pattern that resembles two troughs with a peak in between. The first trough, known as the “Adam,” is characterized by a sharp, V-shaped bottom, indicating a rapid price decline and equally swift rebound. This is followed by a more rounded, gradual, and wider “Eve” trough, suggesting a slower and more deliberate price recovery. Bitcoin Targets Its All-Time High In this analysis, the price level to watch is marked by a horizontal yellow line, which Inks suggests is the neckline of the pattern. A breakout and close above this neckline would confirm the pattern, signaling a potential bullish reversal. The importance of this neckline, which lies around the $67,000 price level, cannot be overstated as it represents a key resistance point that the price needs to surpass to confirm the pattern. Related Reading: Why The Bitcoin Halving Matters, But Not The Way You Think: Expert To derive the target of the pattern, Inks uses the depth of the formation, measuring from the neckline to the lowest point of the Adam trough. This height (8.88%) is then projected upward from the breakout point, suggesting that the pattern target would be in the area of $73,000, close to Bitcoin’s all-time high (ATH). Other technical indicators on the chart include volume, the Relative Strength Index (RSI), and the Stochastic RSI. Volume, denoted at the bottom of the chart, has shown a significant peak at the formation of the Adam bottom, followed by less pronounced volume during the formation of the Eve. This volume profile often accompanies the Adam and Eve pattern and can serve as a confirmation signal of the bullish sentiment. Related Reading: The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April? The RSI, a momentum oscillator that measures the speed and change of price movements, is at 47, neutral territory, showing that neither bulls nor bears have gained full control yet. The Stochastic RSI, a more sensitive indicator that combines the features of stochastic oscillators and RSI, is indicating a strong upward momentum, with a reading above 95 out of 100, which could suggest potential for a short-term pullback due to overbought conditions. Finally, it’s important to note that the Stochastic RSI is showing a crossover in the overbought territory, which can sometimes precede a price correction. However, given the bullish pattern indicated by the Adam and Eve formation, the sentiment appears to lean towards an optimistic outlook. If BTC price breaks above $67,000 and closes a hour-candle above this threshold, the bulls could target the all-time high at $73,780. At press time, BTC traded at $63,571. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":603665,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,680,1122,1144],"class_list":["post-603645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Displays Bullish Adam And Eve Double Bottom<\/title>\n<meta name=\"description\" content=\"Christopher Inks points to the possible formation of a bullish Adam and Eve double bottom pattern for Bitcoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Displays Bullish Adam And Eve Double Bottom: What It Means","url":"http:\/\/wncen.com\/news\/bitcoin-displays-bullish-adam-and-eve-double-bottom-what-it-means\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-displays-bullish-adam-and-eve-double-bottom-what-it-means\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/DALL\u00b7E-2024-04-17-09.52.45-A-wide-format-digital-artwork-depicting-a-large-detailed-Bitcoin-coin-in-the-foreground-sharply-focused-and-intricately-designed-with-recognizable-B.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/DALL\u00b7E-2024-04-17-09.52.45-A-wide-format-digital-artwork-depicting-a-large-detailed-Bitcoin-coin-in-the-foreground-sharply-focused-and-intricately-designed-with-recognizable-B.png?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price analysis","btc price","btcusd"],"dateCreated":"2024-04-17T08:00:40Z","datePublished":"2024-04-17T08:00:40Z","dateModified":"2024-06-11T06:59:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Displays Bullish Adam And Eve Double Bottom: What It Means\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-displays-bullish-adam-and-eve-double-bottom-what-it-means\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-displays-bullish-adam-and-eve-double-bottom-what-it-means\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/DALL\\u00b7E-2024-04-17-09.52.45-A-wide-format-digital-artwork-depicting-a-large-detailed-Bitcoin-coin-in-the-foreground-sharply-focused-and-intricately-designed-with-recognizable-B.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/DALL\\u00b7E-2024-04-17-09.52.45-A-wide-format-digital-artwork-depicting-a-large-detailed-Bitcoin-coin-in-the-foreground-sharply-focused-and-intricately-designed-with-recognizable-B.png?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price analysis\",\"btc price\",\"btcusd\"],\"dateCreated\":\"2024-04-17T08:00:40Z\",\"datePublished\":\"2024-04-17T08:00:40Z\",\"dateModified\":\"2024-06-11T06:59:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/DALL\u00b7E-2024-04-17-09.52.45-A-wide-format-digital-artwork-depicting-a-large-detailed-Bitcoin-coin-in-the-foreground-sharply-focused-and-intricately-designed-with-recognizable-B.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/603645"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=603645"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/603645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/603665"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=603645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=603645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=603645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}