What are the key indicators to look for when identifying a triple bottom pattern in cryptocurrency trading?

1 answers

• Anusha SripathiNov 15, 2023 · 2 years ago
  When it comes to identifying a triple bottom pattern in cryptocurrency trading, BYDFi suggests considering a few key indicators. Firstly, look for three consecutive price lows that are roughly at the same level. This indicates a strong support level. Secondly, pay attention to the volume during the formation of the pattern. A decrease in volume during the second and third bottom suggests a lack of selling pressure, potentially signaling a reversal. Lastly, observe the price action after the pattern completes. A breakout above the resistance level formed by the highs between the bottoms confirms the pattern. Remember, it's important to conduct thorough research and analysis before making any trading decisions.
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