After testing the Support line two weekly time frames in a row, it rejected to uppside both times.
In lower time frame such as daily and 4h time frame we can see how it bounces from the support ime, and forming a break to the uppside.
Daily time frame : Has made a W pattern, which is a bullish pattern. And the market has closed as if it has confirmed the break out, Next week we might see a contiones to uppside ( bullish moment ).
4H time frame : confriming the break out to the uppside.
What is the W pattern?
A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. ... The double bottom looks like the letter "W". The twice-touched low is considered a support level.
Is W pattern bullish?
A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. ... The double bottom looks like the letter "W". The twice-touched low is considered a support level.
In lower time frame such as daily and 4h time frame we can see how it bounces from the support ime, and forming a break to the uppside.
Daily time frame : Has made a W pattern, which is a bullish pattern. And the market has closed as if it has confirmed the break out, Next week we might see a contiones to uppside ( bullish moment ).
4H time frame : confriming the break out to the uppside.
What is the W pattern?
A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. ... The double bottom looks like the letter "W". The twice-touched low is considered a support level.
Is W pattern bullish?
A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. ... The double bottom looks like the letter "W". The twice-touched low is considered a support level.