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Double Top or Bottom

The double top is one of the most popular patterns in trading. It's a reliable reversal pattern that can be used to enter a bearish position after a bullish trend. It consists of 2 tops at nearly the same level with a valley in between, which creates the neckline. The second top does not break the level of the first top, so the price retested this level and tried to make a higher high, but failed. Price breaking the neckline and closing below it would complete the pattern.

Conservative traders look for additional confirmation and aggressive traders may enter a bearish position from the second top. The target can be estimated by measuring the height of the pattern and projecting this downwards from the neckline. Common stop levels are just above the neckline, halfway between the neckline and the tops or above the tops. The double bottom is the bullish version of this pattern that can form after a downtrend. A popular variation of this setup is the 2618 trade (as taught by Jason Stapleton) with specific rules for the pattern configuration including where to enter and to exit the trade.
MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Stability Forming Still Points To Higher Prices?
7654 18 112
BTCUSD, 720
BTCUSD: Stability Forming Still Points To Higher Prices?

BTCUSD update: Minor retrace takes price back to the 11K area while an inside bar is unfolding at the moment. This could be the beginning of the higher low formation that can take price back up into the 15Ks. Higher lows often lead to higher highs and are a general sign of strength. The formation at the moment is NOT an official higher low because the current ...

MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Key Support Zone Reached. Where Is The Long Trigger?
987 4 33
BTCUSD, 720
BTCUSD: Key Support Zone Reached. Where Is The Long Trigger?

BTCUSD: Price fluctuating inside a major support zone and hesitating within a minor overlapping support area. This area presents very attractive reward/risk for longs, but can it break lower? Big difference from the vertical markets of a month earlier, but this is reality. This is more in line with how markets trade. The good news is price is within a projected ...

TodorGrigorov TodorGrigorov XRPUSD, 60, Long ,
XRPUSD: RIPPLE FAKE COIN DOUBLE TOP BUY
1844 10 7
XRPUSD, 60 Long
RIPPLE FAKE COIN DOUBLE TOP BUY

I dont like XRP to be honest. In my opinion its marketing and idea behind it is to raise its market cap and buy all the other REALLY important cryptos with much higher potential for growth. XRP and its utility in my opinion is not able to reach such high prices as eth or monero or whatever. We might stick in the 1-10$ range. Hopefully I will be wrong and many ...

Crypto_Sid Crypto_Sid XRPUSD, D, Long ,
XRPUSD: XRP/USD Double Bottom on Daily?
458 0 3
XRPUSD, D Long
XRP/USD Double Bottom on Daily?

Took a quick look at the daily for XRP/USD and saw something interesting in my opinion. Could we be forming a double bottom on the daily that would project us back into the $2.25 range over the next week or so? I'll be watching to see how this day closes out, as price right now is sitting on a weekly .618 fib area. A close above or below will definitely ...

HiTech HiTech PRO BLKUSD, 960, Long ,
BLKUSD: BlackCoin Has Proved It Worthy
125 0 3
BLKUSD, 960 Long
BlackCoin Has Proved It Worthy

Following the previous idea on BlackCoin, it has proved it worthy, while it broke above the strong resistance area between $0.35-0.4 and went above our upside target that was at $0.95. Currently, BLK/USD corrected back to the previous resistance area: $0.35-0.4 which has been rejected together with the 4/1 Gann Fan trendline. The uptrend is likely to continue, ...

SkyRockSignals SkyRockSignals PRO PAYBTC, 30,
PAYBTC: PAYBTC Double bottom formation
65 0 3
PAYBTC, 30
PAYBTC Double bottom formation

Reached 1st target 0.00022500 and rolled back. Supply and demand equalized, the company has many good news and strong potential. Price level 0.00020700 acted like a strong support and rebound have happened twice, so double bottom may be formed. If it confirms there will be further growth to the next target 0.00022500. However Stoch RSI indicates that the coin is ...

SkyRockSignals SkyRockSignals PRO SCBTC, 30,
SCBTC: SCBTC Double bottom, RSI, ichi indicate growth
20 0 1
SCBTC, 30
SCBTC Double bottom, RSI, ichi indicate growth

The price is in the ichi cloud and stoch RSI indicates oversold zone, so we expect the rebound from the support level and finishing of the double bottom formation. If the scenario confirms the next targets according to the Fib S6 will be 0.00000385, the rest targets you can see on the chart. Stop loss according to the Fib S6 will be 0.00000250

LookIntoTrade LookIntoTrade ADM, D, Long ,
ADM: ADM: Double bottom
3 0 1
ADM, D Long
ADM: Double bottom

Double bottom in ADM (also filled a gap)

MarcPMarkets MarcPMarkets PRO ETHUSD, 720,
ETHUSD: ETHUSD: Lower High Can Lead Back To 872 Area?
7849 17 109
ETHUSD, 720
ETHUSD: Lower High Can Lead Back To 872 Area?

ETHUSD update: Lower high established at the 1160 level which is not far from the 1216 to 1304 resistance zone. This formation is appearing across the main coins and signals further short term weakness. This is the trading environment as I described weeks earlier. Vertical markets breed bad habits and now is when the bad habits become expensive. As I wrote in my ...

eazywayout eazywayout CADJPY, W,
CADJPY: CADJPY Weekly
60 0 1
CADJPY, W
CADJPY Weekly

Price formed a double top to strong resistance at the 91 area, now sitting on its weekly uptrend line. Will be watching for a break or bounce on the smaller time frames

eazywayout eazywayout NZDCHF, 240, Long ,
NZDCHF: NZDCHF 4H
103 0 6
NZDCHF, 240 Long
NZDCHF 4H

Simple trend analysis, making higher highs & lows. Double bottom to daily resistance, now watching for a break of the counter trend line & retest for buy opportunities. Lets see how it plays out this week!

Roker1 Roker1 PRO GBPCHF, 60, Long ,
GBPCHF: Long on GBPCHF
187 0 15
GBPCHF, 60 Long
Long on GBPCHF

Hi guys, simple setup on GBPCHF. We've recently broke and closed above a daily structure zone and we're back to retest it right now. Price has formed a nice double bottom and it held the structure so far. Therefore, i'm buying this at market and aiming to take first target off at the neckline and possibly second target up at the next daily structure zone. If u ...

MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Bullish Momentum Returns. Eyeing 15K Target.
17294 36 196
BTCUSD, 720
BTCUSD: Bullish Momentum Returns. Eyeing 15K Target.

BTCUSD update: Price is making its way higher as anticipated now that it has penetrated the 11600 resistance area. The bigger picture presents a bullish pennant formation which continues to point to an eventual retest of 20K or higher. You can interpret this environment in many similar ways depending on how you draw the parallel trend lines. Bullish flag, ...

MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Minor Support Test Can Lead To Much Higer Prices?
11559 38 179
BTCUSD, 720
BTCUSD: Minor Support Test Can Lead To Much Higer Prices?

BTCUSD update: 11600 resistance taken out indicates bullish momentum returning while this market can be setting up for a broader move back to the 14211 to 15525 resistance area. If you are not long yet, the retrace to watch for is the 10242 to 9822 minor support zone. In my previous report, I wrote about the outside bar like formation (it wasn't an outside bar ...

eazywayout eazywayout AUDJPY, 240, Short ,
AUDJPY: AUDJPY 4H
104 0 7
AUDJPY, 240 Short
AUDJPY 4H

Price now back at strong resistance, forming a bearish flag pattern & a potential double top here at weekly resistance. Will be looking for a break of daily support / channel & retest for a potential shorts this upcoming week

Manifested Manifested PRO XBTUSD, 60,
XBTUSD: BTCUSD on path to new local high then low
257 2 4
XBTUSD, 60
BTCUSD on path to new local high then low

BTCUSD is coming off of a quick dive to $9000. I touched on this potentially forming an Adam and Eve double bottom. I think it could bounce off this 0.618 fib, make a new local high around $13k, then down to $8500-$7k. Long at $10500, short at $13k, long at $8k. Watch for break above 50 SMA on 1 hour. If we go above dashed line then the Elliot Wave count shown ...

MarcPMarkets MarcPMarkets PRO ETHUSD, 720,
ETHUSD: ETHUSD: New Lows Into Support Zone. Attractive Investment.
8432 22 108
ETHUSD, 720
ETHUSD: New Lows Into Support Zone. Attractive Investment.

ETHUSD update: Dramatic retrace takes this market back to the 872 upper boundary of a larger magnitude support zone much faster than expected. Price is now in an area that offers better opportunity on the long side, but price stability needs to present itself. My long at 1311 got stopped out at 1243 which protected me from 400 more points of pain. What you are ...

MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Outside Bar Offers Hint Of Bullish Reversal To 15K?
14971 56 181
BTCUSD, 720
BTCUSD: Outside Bar Offers Hint Of Bullish Reversal To 15K?

BTCUSD update: Outside bar like candle forms within the 10988 to 8656 support zone, and more specifically bounces off the 9683 lower boundary of the reversal zone. Just like in the other markets, this is a place to be looking for longs for swing and position trades. Funny how people criticize and ridicule TA, meanwhile levels that I have projected weeks ago are ...

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