Triple bottom: yes or no

[cellard]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

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[dunfida]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

I havent see on the poll which do tell "maybe" which i supposed to choose up. 

Even a double bottom would already give us a hint that the market would turn to reversal and we do see it happen on bitcoin but it fails up to reverse and now we are hitting triple bottom.Speculations would really always come out into these times when we do base technical aspects then we can really analyze such thing but these things do works on forex and stocks  but for this unpredictable market of crypto it can break those aspects anytime.

[BitcoinNewbie15]

I voted no... IMO, triple bottoms are indeed very rare. I don't think Bitcoin has ever had a triple bottom in the past (albeit, I could be wrong, haven't done extensive research). I, more than anyone, hope that we will see a triple bottom. it would be quite nice to have the price fully bottom out this year, and break the downtrend/start the uptrend by 2019. But I do not think this will be the case... I think we will drop further below a triple bottom, and see a small recovery, then a slow continuation of the bear trend. Eventually we may see a reversal by the end of 2019/beginning of 2020. That's just my 2 satoshis.

[blester]

In my opinion, if the price is testing so many times the same support, it will eventually break. Double/Triple bottoms are bearish and double/triple tops are bullish

It will break this triple bottom and go to 4500$

[cellard]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

I havent see on the poll which do tell "maybe" which i supposed to choose up. 

Even a double bottom would already give us a hint that the market would turn to reversal and we do see it happen on bitcoin but it fails up to reverse and now we are hitting triple bottom.Speculations would really always come out into these times when we do base technical aspects then we can really analyze such thing but these things do works on forex and stocks  but for this unpredictable market of crypto it can break those aspects anytime.

While "Maybe" is the only sane option since we can't predict the future... what fun is there in that? You have to choose, yes or no, what are the odds? You don't make money on "maybes".

Im not voting but if I had to I would vote a "no", simply because of how rare triple bottoms are. Yet, this is Bitcoin, anything is possible. It just takes the right news to hit the press and then your TA is blown away. I believe fundamentals can defeat technical analysis, but there doesn't seem to be anything big lurking that could change the current trend.

[shulio]

It is the last day of CME Future contracts today. Maybe there will be some short term recovery but I do not think it will stop here. BTC price will go sub 5000 levels.

[mostkey]

It is the last day of CME Future contracts today. Maybe there will be some short term recovery but I do not think it will stop here. BTC price will go sub 5000 levels.

sure, think so, maybe this would be a surprise when btc broke below the 5000 level and not to be a big surprise. because I have prepared myself for the worst

[Idrisu]

If we relay on technical analysis alone we may have serious problem but if we can join them with sentimental and fundamentals analysis then we can make an informed investments decision.  The triple bottom's signals can be upset by just a little news that hit the market.  I therefore will advise us to get knowledge of both in other not to invest at the wrong time.

[exstasie]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade.

I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0

[STT]

I believe double bottom in a rough formation resembling a W shape is considered more reliable in resulting in a bullish move upwards.   Even when it occurs, the move up is in relation to the depth of the middle of the W section.   So not often massive but also it can be the start of a larger move.

For triple bottom its no longer a W shape but something more extended, I dont believe its as reliable in a positive outcome.    Repeated testing of a bottom can cause a breach which requires further support to be found.   FOr bars I think at least 4hr to confirm below the support to acknowledge its been passed



Here I think this action yesterday morning was quite bullish.   It fails to hold down, just 5 minute bars here.   We didnt rise but then traded sideways in a range.   Now recently we have the bullish move upwards but it built from this initial test I think.    Hard to say on our longer term triple bottom test

[Herbert2020]

i think yes, mainly because this seems to me like the last squeeze to get the last drops of blood out of the market and since there aren't that any weak hands left to panic sell and there has also been a lot of good news and lot of buys we may see a reversal.

but the problem is with the unpredictability. we have seen time and time again a lot of analysis that pointed to end of some trend (both end of rise and end of drop) but we saw it be defied and broken again.

[Soots]

i think yes, mainly because this seems to me like the last squeeze to get the last drops of blood out of the market and since there aren't that any weak hands left to panic sell and there has also been a lot of good news and lot of buys we may see a reversal.

but the problem is with the unpredictability. we have seen time and time again a lot of analysis that pointed to end of some trend (both end of rise and end of drop) but we saw it be defied and broken again.

The behaviour of bitcoin's price was unpleasantly worst since the end days of this month of June. But I do hope that after the price slightly pumped up few hours ago, it won't fall down as fast as what happened lastly. More traders was affected much on that scenario, and that's number one cause of drastic price fluctuations bounded at lowest price of $5700 to $6000. Right now if you have time to check on your blockfolio, green arrows were signing green arrows but it seems to smell something fishy about it because the bearish market is like a thief that intrudes a random surprise; which could fall back the price to lower value.

[Pursuer]

we have tested $6k resistance and the $5k waters 3 times now and each time price bounced back up above it and continued going up. I think it is safe to say that we have a very strong resistance around that price level that can not be broken that easily.

so yeah it can be considered a triple bottom in my opinion. and many are considering this as a good sign for a bullish movement to come.

of course some others are always going to sign the doomsday song and ask for a much lower price and there are whales dumping to get that price. but I think we are currently at a balance between that  dump and the strong buy support. so unless the dump grows bigger or we see a horribly negative news I doubt that price can go any lower.

[BillyBobZorton]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade.

I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0

Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in.

[Catmony]

Even if price will test $10k by next month we will be in next bull ride by end of this year just like last year but price might move way further than just $20k.
Also every bull run will be followed by big dips so we should be careful.

The one who will sell at current point will loss for sure because almost all cryptocurriencies were over sold over last 6 month.

[fabiorem]

No, because there were two double bottoms already, and nothing changed, no bull market started.

This will be just another trap.

[Lancusters]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade.

I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0

Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in.

I didn't hear that theory. It seems to me that $ 6,000 is much higher than the cost of bitcoin mining. It seems to me that the cost price is at $ 2000 per 1 bitcoin. There is a range for price reduction but this does not happen because people are not morally ready to sell bitcoins for 6000 dollars. The lack of a large number of proposals will push prices up.

[cellard]

I didn't hear that theory. It seems to me that $ 6,000 is much higher than the cost of bitcoin mining. It seems to me that the cost price is at $ 2000 per 1 bitcoin. There is a range for price reduction but this does not happen because people are not morally ready to sell bitcoins for 6000 dollars. The lack of a large number of proposals will push prices up.

It depends on many variables, mostly cost of electricity, which varies a lot depending on where you are and what your standing is, as in, some people with government connections get away with having free electricity in some places. I think it's not far fetched to think people like Jihan may have special deals with the government to have discounts in their electricity bills.

But I have heard too that around that price range, some miners may start losing money. All it takes is a self fulfilling prophecy and maybe $6k-ish becomes a floor.

[BrewMaster]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade.

I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0

Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in.

it doesn't really have to be true! what else so far has been true that caused some rise or fall in bitcoin? i say so little. the market is mostly excited by the news and speculation. sometimes in a bad way and sometimes in a good way.

so far people seem to have come to consensus about $6000 to be the bottom. and they have all sorts of reasons for it. from it being "triple bottom" to it being "threshold where mining becomes unprofitable". and that has been enough to keep the price up there because of the strong buy support that has shaped up.

[Gaaara]

I didn't hear that theory. It seems to me that $ 6,000 is much higher than the cost of bitcoin mining. It seems to me that the cost price is at $ 2000 per 1 bitcoin. There is a range for price reduction but this does not happen because people are not morally ready to sell bitcoins for 6000 dollars. The lack of a large number of proposals will push prices up.

Video cards and other devices like cooling stuff it is not that easy to mine, the mining rig is not that much but if you'll combine it with monthly electricity that will cost more than you expect and before you can get a 1 bitcoin it will take time unless you will do a multiple mining rigs which will cost you so much then you'll have no guarantee you'll get bitcoin the same amount when you started mining since the price is moving constantly.