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.