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Doublebottompattern

What is Double Bottom Pattern?What is Double Bottom Pattern? The double bottom pattern looks like the letter "W". It indicates an trend and momentum reversal in a particular asset. It is best for analyzing the intermediate to longer-term view of a market. Double Bottom Pattern one of the most reliable reversal pattern after Head and Shoulders Pattern. How does Double Bottom Pattern Work? Double Bottom Pattern works in two phases: Phase 1: When the major trend is downtrend and forms the first down peak, then from the support the prices bounce to a new higher resistance and unable to break that resistance. Phase 2: When prices are not able to break the resistance it again goes to the same level and take support form similar levels forming second down peak also double bottom. Again due to demand the prices rises up to the resistance and break that resistance. Increase in volumes during breakouts further confirms the reversal move. This marks the completion of the pattern. Above Chart Explanation: This is the daily chart of EGLDUSDT here we can see in a downtrend prices take support and forms a down peak one and took support form there and bounce back to the above resistance. But prices were not able to break it instead prices got rejection from resistance and the prices again go down forming second down peak. After taking support prices bounces and break resistance due to heavy demand with great volumes. Usually traders enter on the breakouts and target the next resistance. Conclusion: Hence, the Double Bottom Pattern is great reversal pattern after Head and Shoulders Pattern. And it occurs quite often. Most of the traders use it on large time frames like 1D, 1W, 1M. Please let me know in the comments what do you think about Double Bottom Chart Pattern! Disclaimer: This is just an educational post never trade just any pattern. And please do your research before taking any trades.
Education
by Coinlog
2
HCA pressuring to break all-time-highHCA is consolidating after a large move up. Buying pressure came in on 25th of June 2021 and set $204 as support. Since then buying volume has decreased but not by a lot. That's why HCA is positioning it self for a breakout. Looking at the longer time-frames, it's showing a clear up trend and it's also expected to grow its earnings-per-share over the coming year. Looking at the price-action HCA may come back to retest the $212.50 to $214.30 region before making a move higher. A break below $212.50 could send the price to retest the support of $200. Final Thoughts: * Good long term hold * Pays dividends * Buying pressure from June 25th, 2021 set $204 as a solid support pushing the price higher Two things you can do from here if you want to trade this * Look for buying opportunities around $212.50 and $214.30 * Wait for a clear break of $217.36 * A break and close below $212.50 may negate the immediate bullish outlook
NYSE:HCALong
by HaseebKhan_90
EOSBTC wants the breakout! 🦐The price created a double bottom on the daily timeframe and now the price is testing the daily resistance. IF the price will have a breakout, According to Plancton's strategy (check our Academy), we can set a nice order ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
12
EURNZD Long AnalysisTake a look below you will see the previous analysis of this pair. Originally price formed a double bottom. Price retraced to the neckline as expected. After the retracement priced formed a doji on the daily (signally a possible reversal after the downtrend/sell of). This area was near 61.8 fib level, which is where price respected and found support at this level, then began it's push up. Here is an image of the previous analysis, performed on March 27
Long
by NoCeilingsTrading
1
Bitcoin make support above $30,000 USDIn this analysis, we see that Bitcoin it's showing us a bullish rising wedge, my own proyection it's around of $41,200 dollars, that are my next target profit. Now, lookng in the perspective, we have in 4 occasion that Bitcoin form a strong support above of $30,000 dollars, that mean that bulls are defend this important zone to continue our boughts. For that, I put a buy order limit a little down as $31,100 USD to be activated in some hours. And my SL it's around of $28,500 dollars. And also, the RSI make bullish divegence and also the price action in H4 chart in the same time, just that we could see a formation of double bottom in Bitcoin in this timeframe. Now, this it's a bullish risingw wedge more see in H8 chart!!! And for you, I see that I'm so good in cryptocurrency than Forex, becuase I believe that my work in trading it's based more in volatile market and maybe cryptocurrency it's one of the market that I work better than another like Forex, commodities u others. But yes, I can to make the following. I can to make daily analysis on crytpocurrency, but yes reading Forex market fundamental and analysis to know the situation of the economic world ever, but my personal opinion, I don't like to trade much Forex and well, as I grew up in cryptospace, I beliee that this market it's one of my prefered. But now, I'm interesting to trade stock or maybe take any course to trade stocks market. Maybe, this market it's more relationaed with volatile market, and then, I prove that cryptocurrency I like much than Forex becuase I like to invest and trade assets. So, for that, I didn't consider that crypto are the best and more popular and international. But, in case I can to continue reading the Forex specualte news becuase I like to follow the economics trend and how it's affect the others market. Now, in case for example, Gold and Silver, maybe it's not so volatile, but yes and it's have more implication with Forex. For that, at the moment, I will continue trade cryptocurrency, and then, learn to trade stock marekt, it's my next mission for me.
COINBASE:BTCUSDLong
by harisonhbn9718
2