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Double Bottom

GBP/USD at a Critical Support Level: What comes next?The GBP/USD pair has fallen more than 7% since September 26, 2024, largely in response to the strengthening of the USD following Donald Trump's recent victory in the US presidential election. However, it appears that GBP/USD has found significant support on the daily chart, forming a double bottom pattern in the 1.2500 region. This level has been an important reference point throughout 2023 and is poised to act as support once again. Confluence of Factors Several elements suggest a potential upward movement in GBP/USD: 7% Decline Without Significant Retracement: The pair has seen a substantial decline since September without any meaningful pullbacks. Key Support Region: The price has touched an important support level on the daily chart. Double Bottom Formation: The emergence of a double bottom pattern on the daily chart adds further support to the bullish hypothesis. Considering these points, a long setup could be contemplated if the candle on the daily chart for December 23 closes above the high of the preceding candle. This would create a bullish Engulfing Pattern, which is often viewed as an ignition signal and a buying opportunity. Potential Targets for a Long Trade 1.2800: This target is a previous resistance point that previously hindered further price increases. It also represents a round number, offering approximately 180 pips from the entry point. 1.3000: Another significant resistance level and round number, approximately 380 pips from the entry point. Stop Loss A suitable stop loss could be placed slightly below support on the daily chart at around 1.2470, providing a distance of approximately 150 pips from the entry point. Alternative Scenario Should GBP/USD break below the support level on the daily chart, the next downward movement could see it fall to the 1.2330 level, where it may find another area of support. Impact of Economic Data: UK GDP and US Consumer Confidence The upcoming release of UK GDP data should be closely monitored, as it is a critical indicator of the health of the UK economy. If the reading comes in lower than expected, the market may speculate that the Bank of England (BoE) could be forced to cut interest rates to stimulate growth, potentially leading to a depreciation of the Pound. Meanwhile, US Consumer Confidence data is likely to affect market volatility as household consumption accounts for approximately two-thirds of GDP. A reading that exceeds expectations could indicate strong consumer confidence in the economic outlook, which might lead to inflationary pressures and prompt the Federal Reserve (Fed) to consider raising interest rates, thereby strengthening the USD. As the GBP/USD pair approaches a crucial support level, the technical indicators suggest a potential for upward movement. However, traders should remain vigilant of the upcoming economic data releases and consider how they might influence market dynamics. Combining technical analysis with fundamental insights will enhance the likelihood of making well-informed trading decisions during this pivotal moment. Disclaimer 74% of retail investor accounts lose money when trading CFDs with this provider. Consider whether you understand how CFDs work and if you can afford the high risk of losing your money. Past performance is not indicative of future results. Investment values may fluctuate, and you may not recover your initial investment. This content is not intended for residents of the UK.
Long
by Marketscom
PNUTUSDT → Double bottom. One step away from a rally BINANCE:PNUTUSDT.P accumulates good potential for possible growth by 30-50%. After a strong fall (Dump), a reversal pattern appears on the chart. Against the background of bitcoin standing still, pnut forms a double bottom and enters the rally phase. There is resistance at 0.75 ahead. If the coin can break this zone and keep the defense above the level, the coin can fly to 1.0 in the short to medium term. Resistance levels: 0.75, 1.0 Support levels: 0.6 If the bulls can overcome the strong resistance of 0.75 and can consolidate above this area, we have a great coin with good upside potential. Primary target is 1.0, next targets are 1.15, 1.35. Regards R. Linda!
Long
by RLinda
5
$NYSE:BBAI Double and Triple Bottoms with positive indicatorsThanks to @Money_Wins_Honey for getting this on my radar. NYSE:BBAI is showing double and triple bottoms in the weekly as well as daily chart. The price targets are $8.43 and $12.96. Here are my positives that support this trade: The volume has been really going through the roof Williams %R it tracking higher lows It's in the AI space so it's HOT right now Entry Points: Higher Risk - Now, and place a stop below $3.00 (that's the current shelf that's being formed) More conservative - wait until after breaking the double bottom resistance line (closing above $4.81) Exits: Double Bottom PT - $8.43 Triple Bottom PT - $12.96 Good Luck!
NYSE:BBAILong
by dzygadlo
$NASDAQ:LUNR Ready for a 60% upside double bottom patternNASDAQ:LUNR there's a ~60% upside on this play. Lunr has broken through a previous resistance point (~$14.00) and should be on track to reach the Price Target (PT) for completing a double bottom pattern ($24.41) Entry : anything above $14, with positive direction indicators Stop : $13.45 - heading below the ~14 resistance (now our support) is not ok, but should not dip into the lower volume pocket. Exit : Take profits on half at ~$24 and set trailing stops on any remaining shares. Good Luck!
NASDAQ:LUNRLong
by dzygadlo
5
$AMD Forms Another Double Bottom – Will History Repeat Itself?I wanted to share an interesting setup I’ve noticed on NASDAQ:AMD daily chart. The stock just completed what looks like a classic double bottom pattern—something it’s done before with impressive results. What I’m Seeing: Double Bottom Revisited: We can see that AMD has formed another “W” shaped bottom, where price tested a support zone twice and successfully bounced. Historical Precedent: The last time AMD completed a double bottom, the subsequent breakout and follow-through rally were significant. After the neckline breakout, price continued to move higher, rewarding patient traders and confirming the pattern’s bullish nature. Volume & Confirmation: It’s worth looking closely at volume to confirm the pattern. In many textbook double bottoms, volume often increases on the breakout, signaling that buyers are stepping in. If we see heavier trading volumes as AMD breaks through the neckline, it could be an indication that a similar move might unfold. Potential Price Target: A common way to project a double bottom target is to measure the height of the “W” and add it to the breakout point. If this pattern performs similarly to the last one, we could see a significant upside move. Of course, there are no guarantees, but patterns like these give traders a framework to manage risk and set objectives. What to Watch For: Neckline Break: A clean move above the neckline (resistance area) would be a key bullish signal. Volume Expansion: Higher volume on the breakout adds conviction. Market Conditions: Broader market health and sentiment can affect whether the pattern plays out as expected. AMD has shown us before that this pattern can precede major rallies. As always, manage your risk appropriately—no matter how promising a setup looks, it’s wise to confirm with price action and volume before jumping in.
NASDAQ:AMDLong
by Scatman_Jeff
Cardano - Starting The 10x Parabolic Rally!Cardano ( CRYPTO:ADAUSD ) is perfectly following the break and retest: Click chart above to see the detailed analysis👆🏻 With an incredible +200% pump in November, Cardano is finally coming back to life after creating the bullish double bottom break and retest just a couple of months ago. Looking at previous cycles, this seems to be just the beginning of another +3.000 rally. Levels to watch: $3.0, $10.0 Keep your long term vision, Philip (BasicTrading)
CRYPTO:ADAUSDLong
by basictradingtv
17
PEPSI to $182 - Up to 14% ROI PossibleNASDAQ:PEP stock is currently trading at a discount to its fair value. That's why traders and investors should have a look at this bluechip, especially given its low beta statistic. Of course, macroeconomic uncertainties, such as the University of Michigan's latest consumer sentiment survey (which projects inflation to rise to 2.90% from 2.60% next year), could have an impact on consumer spending, which could squeeze margins. Nevertheless, given the undervaluation, Pepsi has a safety net for things like that under current circumstances. When looking at the technical analysis we can se a big support zone at $158, where we are currently residing. The stock bounced multiple times from this zone in the past and could certainly do so again. Given the double bottom we have a good opportunity to get in the trade right now. Target one would be the descending trend line at $172 and target two would be the resistance zone at $183. That would give us a ROI of up to 14.24% in total. Closing below $156 on the daily would invalidate the trading idea. Target Zones $172.00 $183.00 Support Zones $156.00
NASDAQ:PEPLong
by LGNDRY-Capital
1
*BA UPDATE* 2 weeks into the trade (21MAR24 200C) Original Chart STATUS UPDATE: If you got into the $200-205 C EXP 21MAR25 on 02DEC2024 you're probably sitting at around 65%-75% in the green. BA has moved roughly 40 points since its most recent low $137.03 on 15NOV2024, and roughly 15 points since we entered on 02DEC2024. I suspect we keep that same trajectory for the next 30 days and that will take us to our target with 2 months to spare. Alot of good catalyst have come out recently surrounding BA's production and employee strike settlements. We may have another pop here this week coming up due to potential FED rate cuts, sending us even closer to our target of $200 per share by 21MAR24. Upon looking at the charts I noticed BA actually formed more of a triple bottom which is even more bullish than a double bottom. The neckline break of around the $265 area could run us up into the $320 area, once the options chain opens up deeper in price I will take a look at calls deeper OTM. I have found major monthly resistance at the $320 area so if you decide to diamond hands through the break our next trajectory will take us into the $380 area. At the point I would be all out when price starts to enter Monthly supply from $384-447 expect a major rejection off this area and DONT BE A BAG HOLDER..... - I got caught bag holding PLTR after making good money on them the week before. Keep in mind were looking to make money on BA all year. Keep your eye on the prize, as I hop into more calls in the future I will inform you all of the strike price, Date of EXP and entry price P.S. dont get caught up in the little intra day moves and little losses here and there, "When in doubt, Zoom out"
NYSE:BALong
by EddieMoniee
5
XRPUSD currently retesting support on the double bottom necklineWe currently have one weekly candle close above the double bottom neckline and the currently weekly candle is still currently holding support on that same neckline with 3 more days left to go before it closes. A close above the neckline would certainly be a bullish sign especially when the entire candle’s body closes above such a resistance level. Considering Trump just appointed PayPal Mafia’s David Sacks as cryptocurrency/AI czar,I think probability favors a breakout up fro XRP’s double bottom pattern. Were price to confirm the breakout from the spot it just recently broke above the neckline at, then the full breakout target will be $4.0422 a most auspicious number full of multiple numerogically encoded 11-11’s. I also think if we are fractally mirroring 2016’s huge breakout move, that $3.80 or perhaps 3.84 could be an important level to watch also both very auspicious numbers as well, though the 4.0422 target would be preferred considering it would make for a new all time high. Whichever one it may be they will all get reached eventually this bull run in my opinion. *not financial advice*
BITSTAMP:XRPUSD
by DrDovetail
1
CRV appears to breaking up from double bottom necklineIf you zoom in you can see the previous daily candle closed on the neckline with exact body support and now the current candle is having a nice bullish impulse, which suggests that it could validate the double bottom relatively soon. If it has a few days of correction n this zone it will also form a right shoulder to an inv h&s pattern that would then materialize with a neckline slightly above this double bottom neckline as I hypothesized my previous curve idea which I will provide a link to below. That inv h&s pattern would then have a slightly higher breakout target than this double bottom will should it materialize. For now the double bottom is the one to focus on as it seems very close to validating. Curve is likely overextended at this point so it could easily go back and forth on the neckline here before the real lift off. *not financial advice*
COINBASE:CRVUSD
by DrDovetail
Digibyte looks like it’s validating the invh&s breakoutDigibyte shown here on the daily chart showing a nice bullish impulse firmly above the neckline of its inverse head and shoulders pattern. Already well on the way to the breakout target here so very likely validating the breakout. Also doing so a day or so before it has its golden cross. Once it reaches the full breakout target it’s likely to test the next potential resistance of the yellow horizontal trendline. That trendline is actually the neckline of a larger double bottom pattern. Wouldn’t be surprised with the golden cross so close by that whatever resistance that double bottom neckline provides doesn’t last very long *not financiala dvice*
CAPITALCOM:DGBUSD
by DrDovetail
CRV potentially breaking above a Double bottom neckline hereCurve like any other altcoins has responding very parabolically to its goldencross. It has now gone above a potential double bottom neckline, however, as much as it has pumped recently I would not be surprised to see it correct back down below this neckline for a bit. If it does that it may form another neckline slightly higher for a potential inverse head and shoulders pattern. If it does just continue up fro here instead then the target shown on the above chart is the ost probable one to expect. *not financial advice*
COINBASE:CRVUSD
by DrDovetail
Apecoin chart per request.I’m not entirely sure how this chart will play out, currently looks like this chart’s price action is heading towards this brown trendline that will either serve as a double bottom neckline or if it holds resistance for a candle or few t will become the top trendline of a valid descending channel at that point, either way the target would be the same for a breakout from either pattern, won’t be able to dial in the exact placement of the dotted goldenrod colored measured move line until price chooses where it’s going to trigger the breakout but I believe I have arbitrarily placed it in a close enough radius to get a within the ballpark of a decent price target guesstimation. Once again we see a big bullish pump coinciding with the golden cross as well. *not financial advice*
COINBASE:APEUSD
by DrDovetail
Goldencross even causes coins like EOS to go parabolic You know when even a long considered dead coin like EOS also responds with a parabolic pup on the day of its golden cross that at this point my hypothesis has to be proven. This is like the 20th example I’ve given of this occurring the same day as a chart’s golden cross. Remember this behavior the next time alt season begins during the second parabolic leg of a bitcoin bullrun. Anyways I never expected to chart an EOS chart but here we are. Would normally never hold this coin but do see it as an opportunity to at least take a position in it to its eventually double bottom breakout target. *not financial advice*
COINBASE:EOSUSD
by DrDovetail
4
Quant’s big green candle today coincides w/ its goldencrossJust like so may other alt coins around the market, Quant exploded upward on the day of its golden cross as well. There’s a slight chance t could pull back from here in which cae then it could possibly form a right shoulder of a potential inverse head and shoulders and give people a chance to enter in lower before the next leg up, or it could just keep pumping right through this current tan colored resistance line and continue up to the purple neckline of it’s massive double bottom pattern. Ether way whenever it flips that purple line to solidified support,the breakout target can send Quant all the way back up to its old all time high, likely making a new all time high in the process. Looking forward to seeing where this one goes. *not financial advice*
COINBASE:QNTUSD
by DrDovetail