Topic: Triple Bottom Reversal (Read 175 times)

Technically from my point, I think we going to see more bulls as the day progresses. Adoption is increasing while bitcoin keeps improving in transaction, technology and. social networks.

People are guided to analytics thereby trying to predict the course. And Bitcoin will be much more expensive than in 2017. Since it has become a kind of digital gold symbol. Bitcoin is constantly being worked on and this is not the same currency that we remember in 2017, transactions have become noticeably faster, and the new lightningnetwork algorithm will make transfers even more convenient.

Of course you're right. No one should be relying on the past performance to judge what is going to happen in the future. But I already see a lot of people that are doing that. There are lots of people saying that they are trusting on Bitcoin because they believe that it is going to repeat the same thing that happened in 2017. They are saying all these thing knowing fully well that anything can happen. That the price manage to reach twenty thousand dollars in 2017 doesn't mean that we should be expecting the same thing to happen this time around, it might be different. But whatever… Let's always hope for the better.

Triple Bottom Reversal
The Triple Bottom Reversal is a bullish reversal pattern typically found on bar charts, line charts and candlestick charts. There are three equal lows followed by a break above resistance. As major reversal patterns, these patterns usually form over a 3- to 6-month period. Note that a Triple Bottom Reversal on a bar or line chart is completely different from Triple Bottom Breakdown on a P&F chart. Namely, Triple Bottom Breakouts on P&F charts are bearish patterns that mark a downside support break. We will first examine the individual parts of the pattern and then look at an example.

Prior Trend: With any reversal pattern, there should be an existing trend to reverse. In the case of the Triple Bottom Reversal, a clear downtrend should precede the formation.

Three Lows: All three lows should be reasonably equal, well-spaced and mark significant turning points. The lows do not have to be exactly equal, but should be reasonably equivalent.

Volume: As the Triple Bottom Reversal develops, overall volume levels usually decline. Volume sometimes increases near the lows. After the third low, an expansion of volume on the advance and at the resistance breakout greatly reinforces the soundness of the pattern.

Resistance Break: As with many other reversal patterns, the Triple Bottom Reversal is not complete until a resistance breakout. The highest point of the formation, which would be the highest of the intermittent highs, marks resistance.

Resistance Turns Support: Broken resistance becomes potential support, and there is sometimes a test of this newfound support level with the first correction.

Price Target: The distance from the resistance breakout to lows can be measured and added to the resistance break for a price target. The longer the pattern develops, the more significant is the ultimate breakout. Triple Bottom Reversals that are 6 or more months in duration represent major bottoms and a price target is less likely to be effective.

As the Triple Bottom Reversal develops, it can start to resemble a number of patterns. Before the third low forms, the pattern may look like a Double Bottom Reversal. Three equal lows can also be found in a descending triangle or rectangle. Of these patterns mentioned, only the descending triangle has bearish overtones; the others are neutral until a breakout occurs. Similarly, the Triple Bottom Reversal should also be treated as a neutral pattern until a breakout occurs. The ability to hold support is bullish, but demand has not won the battle until resistance is broken. Volume on the last advance can sometimes yield a clue. If there is a sharp increase in volume and momentum, then the chances of a breakout increase.

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