YFI / BTC - Triple Bottom A or Triple Bottom B?
Super quick and simple chart - YFI / BTC has two opportunities for potentially forming triple bottoms, either of which could lead to some pretty nice gains.
Triple bottoms, when they do occur, tend to create a strong rejection of the downtrend, so we'll be looking for that to confirm either one of the two ideas here:
- Triple Bottom A - forms where we are now and we head up, after having double bottomed, rose sharply, and corrected- as of now re-testing the neckline of an inverted head and shoulders from the 2nd bottom.
This idea negates Triple Bottom B
- Triple Bottom B - we fail to form Triple Bottom A and continue correcting, re-visting bottom for... wait for it... a 3rd time
This idea requires Triple Bottom A to fail.
Goals
- get above the red box to confirm either.
- Triple Bottom A is invalid if we go well below the green box in the middle (below the two yellow lines forming the neckline of the inverted HS) ...but... this opens up the possibility for Triple Bottom B
- Triple Bottom B is invalid if we get well below the bottom green box and this entire idea fails altogether ;)
Triple bottoms, when they do occur, tend to create a strong rejection of the downtrend, so we'll be looking for that to confirm either one of the two ideas here:
- Triple Bottom A - forms where we are now and we head up, after having double bottomed, rose sharply, and corrected- as of now re-testing the neckline of an inverted head and shoulders from the 2nd bottom.
This idea negates Triple Bottom B
- Triple Bottom B - we fail to form Triple Bottom A and continue correcting, re-visting bottom for... wait for it... a 3rd time
This idea requires Triple Bottom A to fail.
Goals
- get above the red box to confirm either.
- Triple Bottom A is invalid if we go well below the green box in the middle (below the two yellow lines forming the neckline of the inverted HS) ...but... this opens up the possibility for Triple Bottom B
- Triple Bottom B is invalid if we get well below the bottom green box and this entire idea fails altogether ;)
Comment:
Chance at triple bottom here is still looking possible at the moment, we also find confluence with a bullish divergence in price vs RSI & MACD on the daily chart:
Comment:
Correction - above is 4H chart, not daily chart :)
Comment:
Potential HSi forming here:
Comment:
Update on the last update - this is starting to look more likely:
