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A History of Triple Bottoms

BITSTAMP:BTCUSD   Bitcoin / Dollar
Hello Traders

During the past two bubbles Bitcoin has triple bottomed before beginning a subsequent rally. If this pattern repeats for a third time we will spike down to 230s before attempting a new rally.

By bouncing up from this level , we would still be above the downtrend line (red) thus keeping Bitcoin in an overall bullish territory.

Looking at the past two bubbles a high volume triple bottom bounce from the trendline would secure 230s as the absolute bottom making it an excellent buy signal.

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Very appreciative of you sharing this recognized pattern.
+1 Reply
Also, it would make sense that price come back to test that downtrend line after it holding as change of trend resistance for such a long time and price depreciation.

You don't typically see a trend-line get so much reaction to it from the one side without it being tested at least once (usually several times) from the other side. So, I definitely think that your scenario here is possible and likely, according to market history data, PROBABLE (though I can't say this for sure).
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pumapunko PRO JamesBrown
a year ago
Thanks, Good point about testing the downtrend line. This market definiteley likes to test trendlines again and again, Bouncing up from there would be very bullish indeed!
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alteredend
a year ago
Looks like timing wouldn't be right for it to fall back yet if this were to happen. The other two times have even space between 1&2 and 2&3
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balong
a year ago
Very informative sir. Keep it up in sharing your post!
+1 Reply
In order to fall in line with the strong support zone at 235-235 it would need to happen by the end of this year.
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