During the past two bubbles Bitcoin has triple bottomed before beginning a subsequent rally. If this pattern repeats for a third time we will spike down to 230s before attempting a new rally.
By bouncing up from this level , we would still be above the downtrend line (red) thus keeping Bitcoin in an overall bullish territory.
Looking at the past two bubbles a high volume triple bottom bounce from the trendline would secure 230s as the absolute bottom making it an excellent buy signal.
Very informative sir. Keep it up in sharing your post!
JamesBrown
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Also, it would make sense that price come back to test that downtrend line after it holding as change of trend resistance for such a long time and price depreciation.
You don't typically see a trend-line get so much reaction to it from the one side without it being tested at least once (usually several times) from the other side. So, I definitely think that your scenario here is possible and likely, according to market history data, PROBABLE (though I can't say this for sure).
longbearcrypto
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Thanks, Good point about testing the downtrend line. This market definiteley likes to test trendlines again and again, Bouncing up from there would be very bullish indeed!
JamesBrown
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Very appreciative of you sharing this recognized pattern.
longbearcrypto
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In order to fall in line with the strong support zone at 235-235 it would need to happen by the end of this year.
UnknownUnicorn167943
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Looks like timing wouldn't be right for it to fall back yet if this were to happen. The other two times have even space between 1&2 and 2&3