Third time hitting resistance level, volume is slowing down, and a triple bottom could occur here. A reversal will only happen IF the third bottom coincides with a breakout pattern from resistance. Most likely we will see resumption of trend, as this is a bearish flag. The bearish divergence appearing on our charts at the peak of BTC has led us here, so what are we seeing on RSI? So overall SHORT.
IF we see a break above resistance, this is a reversal sign, and will have 4 elements of the triple bottom reversal. A slowly declining volume, a break above resistance, 3 well spaced out similar lows and a previous trend to reverse.
Let me know your thoughts.
IF we see a break above resistance, this is a reversal sign, and will have 4 elements of the triple bottom reversal. A slowly declining volume, a break above resistance, 3 well spaced out similar lows and a previous trend to reverse.
Let me know your thoughts.
Comment:
Confirmed breakout, short
Comment:
Scenario, bear trap: Triple bottom breakdown - What is it?
"A Multiple Bottom Breakdown includes a Triple Bottom Breakdown, a Quadruple Bottom Breakdown and anything wider. A Triple Bottom Breakdown occurs when two successive O-Columns form equal lows and the next O-Column breaks below these lows. A Quadruple Bottom Breakdown triggers when three successive O-Columns form equal lows and the next O-Column breaks below these lows. For a Bear Trap to be possible, this breakdown can only be one-box. Breakdowns that move two or more boxes below support do not qualify. The Bear Trap occurs when prices reverse after a one-box breakdown and the subsequent X-Column moves at least three boxes higher. A one-box breakdown is vulnerable to whipsaw and the immediate reversal shows renewed buying pressure."
stockcharts.com...school/doku.php?id=chart_s...
Interesting information, but have we moved more than one box down, and if not, have we moved more than 3 boxes back up?
"A Multiple Bottom Breakdown includes a Triple Bottom Breakdown, a Quadruple Bottom Breakdown and anything wider. A Triple Bottom Breakdown occurs when two successive O-Columns form equal lows and the next O-Column breaks below these lows. A Quadruple Bottom Breakdown triggers when three successive O-Columns form equal lows and the next O-Column breaks below these lows. For a Bear Trap to be possible, this breakdown can only be one-box. Breakdowns that move two or more boxes below support do not qualify. The Bear Trap occurs when prices reverse after a one-box breakdown and the subsequent X-Column moves at least three boxes higher. A one-box breakdown is vulnerable to whipsaw and the immediate reversal shows renewed buying pressure."
stockcharts.com...school/doku.php?id=chart_s...
Interesting information, but have we moved more than one box down, and if not, have we moved more than 3 boxes back up?
