FLOW ADAM AND EVE PATTERN: TIME FOR AN UPTREND
Updated
In this logarithmic chart, 
FLOWUSDT is forming an Adam and Eve pattern in which the price movement creates two bottoms, one indication of reversal for the coin's current downtrend. Will it happen in the next days or may not? To answer that, I'll provide continuous technical analysis for you in this idea thread below. Always PLAN your trades, secure positions and happy trading!
FLOWUSDT is forming an Adam and Eve pattern in which the price movement creates two bottoms, one indication of reversal for the coin's current downtrend. Will it happen in the next days or may not? To answer that, I'll provide continuous technical analysis for you in this idea thread below. Always PLAN your trades, secure positions and happy trading!Comment
The key level for this pattern or the neckline would be at the range of $0.792 - 0.8. which also indicates.382 Fibonacci retracement from a regular daily chart perspective.
Comment
I would trade long this coin by adding an alert of the abovementioned value along with confirmation from the candles and oscillators. This could also be a swing trade opportunity meaning you should hold it for a long period. Also consider a breakdown play if it confirms a breakdown from this given diagonal support below. It also forms a bearish divergence when price forming a higher high and oscillator creating a lower high.
The coin is still on a downtrend from a bigger picture. Thus, to consider a bullish reversal, the coin should create a larger movement upon breakout in the upcoming days.
Comment
This is the summary of my chart for FLOW as of this writing:
- The coin is currently on a breakout with the confirmation of the bullish
divergence, it can be a start of a bullish reversal. It will convince more if a
breakout happens on the Adam and eve pattern.
- $1.069 as the first take profit area, a key Fib level (0.236) from plotting its
swing high to low on a daily regular chart setting. Additionally, it is an old
support acting as resistance from its historical movement.
- Our oscillators now indicate that the coin is in an overbought territory so the
market is taking a break to make another push from a daily chart perspective.
- Should consider breakdown play (from the previous thread) if it breaks
down the mini diagonal support line as shown in the chart summary.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.