Hallelujah! Bitcoin may be down 70% from its November 2021 peak, but its rebound move in the past three weeks is raising the possibility of more upside in Q3.
) may be down 70% from its November 2021 peak, but its rebound move in the past three weeks is raising the possibility of more upside in Q3.At the core of the bullish argument is a technical pattern called the"Adam-and-Eve double bottom.". The first cycle, called"Adam," features a pointed bottom while the other, called"Eve," is round-shaped. Also, the peaks of both cycles form a common resistance line.
As a rule of technical analysis, the breakout's target typically comes at a length equal to the maximum distance between the pattern's lowest point and resistance line.Given the technical descriptions, BTC/USD has been nearing an Adam-and-Even pattern breakout. Suppose the price closes above the structure's resistance line. Then, its likelihood of continuing its rally toward $28,000–$28,500 will be higher.
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