At the core of the bullish argument is a technical pattern called the “Adam-and-Eve double bottom.” The Adam-and-Eve pattern resolves after the price breaks above the resistance line, accompanied by a rise in trading volume.
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. That amounts to over 30% rally in Q3/2022 when measured from current price level.
Is Bitcoin to face in the rally?
Bitcoin’s price chart has a target of $28,000 based on a classic, bullish technical pattern. Bitcoin (BTC) 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.
Everyone is talking about the 200 Weekly SMA and also the chart similarities to the Covid Crash in ’20
What if I told you that $BTC touched the 300 Weekly SMA (Covid Crash) and formed the bottom there.
The 200 Weekly SMA is now reacting as a strong resistance.