After price breaks support to the downside and to the upside again, it forms a double bottom within a descending channel. This signals to us that we're about to gain some slight bullish momentum towards the previous resistance zone as well as the upper border of the descending channel. As a result, we're able to buy upon the formation of the bullish candle as it is to kick start the bullish momentum.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.