double bottoms look similar to a W shape, and this one does. the first time price has failed to break the support level at 30.00 which is the first circle. thus if the second price fails to break support again at 30.00 the second time. then the market will possibly shift to an uptrend.
Note: Price does not necessarily have to respect the support level at 30.00 to consider it as a double bottom it may go to 28 or so and still be a double bottom. make sure to analyse yourself, that's important.
does anyone agree with my outlook? feel free to share ideas.
Note: Price does not necessarily have to respect the support level at 30.00 to consider it as a double bottom it may go to 28 or so and still be a double bottom. make sure to analyse yourself, that's important.
does anyone agree with my outlook? feel free to share ideas.
Comment:
I would not enter for a long position within this descending channel pattern as structure says it will go down for a bit more, for now. I may consider going long when there is a break in structure, and price respecting the 30.00 support level. a hammer candle would also be good to see as it may indicate a reversal.
