The BTC Triple Bottom chart is an update to my previously published idea. I wanted to call out a few dates of interest. Primary among them being the June 27th resistance (weak) that needs to be overcome for continuation of the bullish trend. While that break could fail, I do not expect that to happen. I think the major stronger resistance called out in the graph is going to be much harder to break through.
For the next month, if the current movement continues, I am bullish. Which, if I am being honest, feels good after scalping and swinging in a bear market.
There are a few rules that are commonly used to qualify triple bottoms:
www.investopedia.com...s/t/triplebottom.asp
For the next month, if the current movement continues, I am bullish. Which, if I am being honest, feels good after scalping and swinging in a bear market.
There are a few rules that are commonly used to qualify triple bottoms:
- There should be an existing downtrend in place before the pattern occurs.
- The three lows should be roughly equal in price and spaced out from each other. While the price doesn't have to be exactly equal, it should be reasonably close to the same price, such that a trend line is horizontal.
- The volume should drop throughout the pattern in a sign that bears are losing strength, while bullish volume should increase as the price breaks through the final resistance.
www.investopedia.com...s/t/triplebottom.asp