ETH (DAILY TF) DOUBLEBOTTOM

DOUBLE BOTTOM
Ah, the intriguing world of chart patterns! A double bottom is a technical analysis chart pattern that indicates a potential reversal in a downtrend. It resembles the letter "W" and occurs when the price of a security hits a low point, rebounds, declines again to the same or a similar low point, and then rebounds once more.

Here's a quick visual breakdown:

First Bottom: Price hits a low point after a downtrend.

Bounce: Price rebounds from the first low.

Second Bottom: Price declines again to the same level as the first bottom.

Second Rebound: Price rises again after the second low, often signaling the reversal of the previous downtrend.