I Learned What A Triple Bottom And Triple Bottom Breakout Is And Bitcoin Is In One Of Them

It sounds like a sex term or a term for a drink at a bar. But a triple bottom is when a falling price hits a resistance level three times without going under it. And this is what is happening with bitcoin. The number we are looking at is 6k. Check out the all-time chart of bitcoin here:
https://coinmarketcap.com/currencies/bitcoin/
You can see three the three dips at the 6k level.

This is a bullish sign. However, as with everything in this market, it is still up in the air. And it get more complicated as there is a thing called a triple bottom breakout which is a bear sign. This is when the three bottoms are all lower than each other which is technically true but the second bottom is really close to the first. This would mean another big drop is coming. But if it is the triple bottom we could get a nice bump from 6k but as we are still in bear territory we can see another large drop. As always this is not investment advice. I will be keeping an eye on the market over the next few days to see where the next big move is.

In terms of bitcoin news there is will be regulation suggestions by the G20 in July and this should be a big factor. If this triple bottom analysis is right and we get some positive news maybe that 10k run is in sight. But again I'm treading careful until the bears go hibernate.

That is just me. Even if I am unsuccessful in investing at least I am learning a lot about market analysis :p.

Interesting point of view! I've got another consideration for my crypto decission.

There is also a triple bottom breakout that we might be in, I added that to the post.

A triple bottom breakdown is when each dip is lower than the last and it is a bear sign. This could be the case with bitcoin but it is hard to tell. The dips are close

I opened my first stocktrading account in 2007. I did more out of curiosity than anything else and in the end I didn't take as much interest as I should have. It turned out to be a good thing because a few months later everything went to hell in 2008.

But a big downside to that was, that I did not get to learn much. I can only Imagine if I had learned it at that time, there would have been more chances that I would have been introduced to the crypto at a very early point of time.

To date, my luck using fiat trading techniques on crypto has been close to 0. It just doesn't follow the same rules.

Perhaps it's a maturity thing with the market ... or perhaps the fiat market truly is controlled with insider trading (making these techniques more predictable).

For a quick tip on the fiat market, Canada is about to make marijuana federally legal for recreational use. TGOD, WEED and ACB tanked this morning but should likely rebound soon. I'll be watching for a triple bottom ... with my fingers crossed.

I'm still skeptical of how psychological support and resistance translates to cryptocurrency from the stock world. Also, normally, the summer is a very flat time for investments...barring any crazy news or amazing crypto product release away.

True, but its fun to do an analysis.

I don't follow trading that much, but I think when a crypto coin stabilizes on a low value, I think it's a good time to buy/HODL... If crypto is going to stay, it's value will go up eventually.