TRIPLE BOTTOM CONFIRMED??? - page 2.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: j753k on June 13, 2018, 01:08:30 PM

This is very bullish, the BTC chart looks like we are hitting a picture perfect triple bottom. http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:triple_bottom_reversal

Triple bottoms are very rare. I don't think I've ever seen one in Bitcoin.

I wouldn't expect it, because the idea of a double bottom is a weak retest of the low that reverses because supply has been absorbed. For the double bottom to fail after so much consolidation above? That spells trapped bulls to me.

Either way, we won't be able to tell until price has reversed significantly. Maybe if price holds > $7,800 I'll consider the idea.

richardsNY

legendary

Activity: 1232

Merit: 1091

It's too early to say, especially so with how the second bottom didn't manage to hold. The only thing that has been certain in the last months is the fact that lower highs have been forming continuously. Right now we're at the stage of seeing how much of a barrier $6000 is, and if the lower high formations have come to a stop, or will continue to march on like usual. Interesting is that you can read charts on so many ways, where each way will grant you a different view on the market, but also a different potential outcome. People's much loved triangle has been broken through on the lower side, so we'll see how much importance it enjoys.

j753k

full member

Activity: 194

Merit: 100

This is very bullish, the BTC chart looks like we are hitting a picture perfect triple bottom. http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:triple_bottom_reversal

Topic: TRIPLE BOTTOM CONFIRMED??? - page 2. (Read 231 times)