Does a Triple bottom confirm a Bullish sentiment always?

[ash_waz]

Hi guys,

Was analyzing the price movement of BTC and by the looks of it seemingly having a triple bottom at a price of around 7000 and other indicators also seemingly support this text book theory.

I am still very much early into my Technical Analysis and from the theory I have read, seemingly a triple bottom occurs in a long downtrend and a sign of a bullish reversal. I honestly dont have any experience dealing with this kind of situation so was just wondering if anyone can give me a approximation of the probability of this taking place? If so what kind of run up can we expect?

Hope I am clear in what I want to ask.

Thank you

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[butka]

As it is usually the case with technical analysis, you shouldn't use just this one indicator to make a final decision.
You should use several indicators in conjunction before making a move.

As for triple bottoms, you have to make sure that (i) there is a bearish trend before the occurrence of the triple bottom
pattern, (ii) there is a drop in volume indicating that the bears are losing strength, and (iii) the three oscillations should be of
roughly equal intensity. 

More info on these three conditions: https://www.investopedia.com/terms/t/triplebottom.asp

To summarize, use this signal together with other signals, like divergences, Ichimoku cloud crossings, and others.

[Wilsonong222]

Hi guys,

Was analyzing the price movement of BTC and by the looks of it seemingly having a triple bottom at a price of around 7000 and other indicators also seemingly support this text book theory.

I am still very much early into my Technical Analysis and from the theory I have read, seemingly a triple bottom occurs in a long downtrend and a sign of a bullish reversal. I honestly dont have any experience dealing with this kind of situation so was just wondering if anyone can give me a approximation of the probability of this taking place? If so what kind of run up can we expect?

Hope I am clear in what I want to ask.

Thank you

This is not always the case. Sometimes even you have seen the triple bottom or 5 waves it does not follow the reversal that it should happen. You need to look for other indicator such as volume, MACD, RSI, and S and R. Relying purely in TA analysis might also put you in disadvantage you need also to consider the fundamental aspect. Sometime investor sentiment is powerful than TA.

[stomachgrowls]

Hi guys,

Was analyzing the price movement of BTC and by the looks of it seemingly having a triple bottom at a price of around 7000 and other indicators also seemingly support this text book theory.

I am still very much early into my Technical Analysis and from the theory I have read, seemingly a triple bottom occurs in a long downtrend and a sign of a bullish reversal. I honestly dont have any experience dealing with this kind of situation so was just wondering if anyone can give me a approximation of the probability of this taking place? If so what kind of run up can we expect?

Hope I am clear in what I want to ask.

Thank you

You can give it a try to make a buy order! Technical analysis on Bitcoin price momentum might be a worthy shot, it might not be a guaranteed or precise yet volatility would always be the enemy on here but you can have those basis to be used of on doing trading. Usually double bottom would already give out a signal of reversal,but what happened? it didnt go up but rather forming a tripple bottom instead we can really make our presumptions that this would be already a good entry but you should take action with a level of certain risk.

[ItsEzMkay]

It provides a bullish outlook in the sense a certain price line held which gives confidence to the investor it will hold again when put under stress. Of course nothing is 100% in this life and sometimes support gets broken, however a triple bottom is much more harder to break than a double bottom or even a recent bottom for that matter. It should make the investor more confident, and I personally look at the 6k mark on the BTC graph as the line to create a triple bottom and run up.

[pumbum]

even if the bottom is on the technical analysis, the increase or decrease in volumes can break it and you will immediately see another figure, which also seems logical to you. It is difficult to work with technical analysis where the market is still very young, because any monetary intervention can break the whole model that you drew