Bitcoin Forum

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

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.

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.

Nothing is confirmed until it's confirmed.

It's important to let the market bottom out where it ends up bottoming out, which can take a month or two, but also a year. This market is perfect for long term accumulation, and I am making the most of it.

Dollar cost averaging on the way down will really help people forward, and it requires practically no market understanding since every rookie can do it and eventually buy the bottom.

Interesting is the fact that while the movements have been quite significant in the last few days, the volumes are still not convincing. The only exchange showing consistent and high volumes is Binance.

I'd say, stop looking at charts, not until exchanges become free of manipulation (more even, based from stock exchange).
Even if anyone can polish his chart "technical analysis" skill to "convincing" level, current Cryptomarket is still a different field.
When the whales do their jobs, every prediction could fail to deliver its promises.

And a triple bottom happening in Bitcoin market is far fetched idea.

true. but also when it comes to speculation sometimes it comes down to what the majority thinks. for example majority of investors thought the halving will increase the price so they started buying bitcoin with a frenzy and price went up to $700 from $500ish if I recall correctly (40% rise). this is the same. the question that should be asked is what price does majority think is the bottom. unfortunately we have no way of knowing this until it is reached. it will be noticeable based on the higher buy volume and the enthusiasm to buy bitcoin instead of selling it. at that point the whale manipulation wouldn't matter anymore either.

confirmed how?
confirmed in your dream?

I'd say that we are near into seeing a triple bottom pattern but I don't expect the market to become bullish at the moment just because of this pattern(unless whales let it happen). Bitcoin cannot be predicted using price chart patterns unlike others, so don't expect much even if triple bottom formed fully(that will be seen when bitcoin reaches 9500$ price ranges again).

This was confirmed months ago. Nothing changed.

When I look at the daily or the weekly chart this is a massive descending triangle. And the more the chart is testing the support in  such a pattern the more likely that the support will get cracked. Also the volume isn't that much convincing to me to be honest.
I could see us go down to test the 5k next.
These are the times where the boys get separate from the men. If you can not take or handle a 70% or 80% drop you are not worthy the next x25 gains, that's my opinion.

Nope nothing is confirmed not until Bitcoin goes back above 6,500$ and that is with a large green candle with a increasing volume to go with. It also has to maintain a price above 6,500$ in a considerable amount of time, the longer the better. Even though Bitcoin is floating around this level it doesn't confirm anything as there is still a chance that it will still fall as there are still no confirmation of the formation.

Knew the double bottom was too soon to call, triple bottom now? Might as well dig in for quadruple and quintuples. If you're a fan of combining RSI as well, then it's also a ripe 25, which points at least a spike of a temporary rebound, before deciding again whether to embark on another bull or decline farther.

My personal feeling is to dig in for lower levels. Too soon for the much awaited rally, and the weight of historical drags below 25% of ATH hasn't happened yet.

I do not believe that the behavior of bitcoin prices can be explained by some templates. A lot of factors determining the price of bitcoin are artificial. This is a consequence of decentralization in the cryptocurrency market. All exchanges that are related to Fiat apply a lot of rules to resist speculators. There are no rules on cryptocurrency exchanges.

The thing is that a lot of people are not getting the point that there is always a trap most of the time in this market for those who rely so much on technical analysis. If it is by that, anyone would not have been complaining about manipulations.

It is always necessary to take time to let the market build up, see how things pan out so as not to be a victim of manipulators who will bring up a pattern to deceive those who are too eager to see a triple bottom. Like you said, you should always wait for that conviction before even attempting to enter a market or at least with a very tight stop loss.

People say yesterday I regretted not selling , Now they say we have another or third bottom
i hope this wall in 6000 broke for stop Bullshit

this would have been true and could have even be an indicator if we were talking about some natural decline and natural bottoms. but nothing about this drop has been natural for at least 3 months now.

i just shared this screenshot of the market when you look at the hourly charts (https://bitcointalk.org/index.php?topic=4462034.msg40110539#msg40110539). when the drops aren't even happening naturally and are like this you can't really talk about double/triple bottoms, RSI, MACD,...

Do all the TA you want, but TA is only good before it turns bad.

Personally, I don't see much of a bullish indicator at all at this stage. I think that it's highly unlikely that a trend reversal is going to come right now and all of a sudden turn the sentiments of the market to fully bullish. Bear markets last much longer than this.

In fact, I think that it's more likely than not now that we've broken the $6700 support, that we consolidate lower than $6k, instead of all of a sudden rebounding to higher levels.

What was confirmed? A month ago, there was no third dip into the $6,000 area on the chart. I'm still inclined to think this isn't a "bottom" but just a bounce in a slow bleeding downtrend. But I'd be glad to be proven wrong. Once I see an uptrend on the 1-day chart, I can start longing the corn again. :)

The trend lately is not telling good things, another pull and we will drop under $6k.
This negative trend should stop and keep holding for the future, after the summer things will be better.  ;)

Too early to start confirming a triple bottom and moreover, it is not like the last bottom came with a very good volume, so in cases like this, I will need to be very careful. Also, bitcoin is not a market that you totally rely on TA as you will need to at least find several more confirmations than just a triple bottom, which from the look of things, nothing is confirmed yet and there is nothing to ascertain as bullish, at least not just yet.

Double bottom and triple bottom are bullish signals. If OP is right then the current bottom must be the beginning of $20k of 2018. I guess confirmation of pattern of triple bottom is happening in bitcoin market right now.

And what is the range you think will become Bitcoin's lowest point before we leave it behind for good? If I put aside my bias towards the bottom formation, then the bottom should at least not be under the $3000 level, but likely more between the $4000 and $5000 levels. As soon as the price dips under $5000 I will dump 50% of my free to invest capital in Bitcoin and keep the rest aside for when it goes lower. The good thing of this market is that we can't judge the market based on how it looks today or tomorrow -- things can change for the better in an instant.

Those who said that to you sold for sure, you're a long term holder and there's nothing to be regretted of. It doesn't matter if we will have a third bottom or so, there's no indication yet unless something has been seen to that statement. But nevertheless, bitcoin is still on $6,400 which makes it to be near to the last bottom that we've met which is $6,000.
We have to wait for few more weeks or a month before seeing an indication or signal.

That might happen we will see after bitcoin probably hitting $6000~ again but things change each day, early to say it is really triple bottom.