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Hello, everyone, this is the double bottom chart, but their double bottom chart pattern consists
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of two bottoms, as you can see in this example, which have grown below their double bottom consist
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of two bottoms.
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The price makes a new low, then slightly pushes upside, but could not sustain and then makes a new
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low of the same length like this.
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This is the area where the price rallied upwards but couldn't sustain it and hence dropped and made
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the second bottom.
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This is called the neckline.
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The double bottom chart patterns resembles like the alphabet w.
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The prerequisite of this pattern is that it is formed in a strong downtrend and is bullish reversal
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pattern.
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The interpretation of double bottom is that when the price manages to close above this neckline and
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breaks it, it will rally towards the upside and the target for the take profit would be the distance
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from the bottom towards the neckline.
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Simply, we have to take the measurement tool from the toolbox.
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We have to measure it here.
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In this example, it's approximately ninety five percent.
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One hundred percent.
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So when the price manages to close above this line, we have to buy in.
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Our take profit would be one hundred percent.
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This will be our take profiterole.
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Let's go to the chart and find a double bottom chart pattern.
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This is the Bitcoin USDollar daily chart.
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As you can see in this area, we have two bottoms over here.
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One is this and another one is this.
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The price is in a clear downtrend.
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We got a nice bottom over here.
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This is the our first bottom.
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This is our second bottom.
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As you can see, the price made the first bottom really towards upside, but couldn't sustain it over
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here and then dropped.
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Made a law of the same length, as you can see, these are almost simulants, and then the price threaded
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upwards the area from which the price drop.
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This is our neckline.
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This is our neckline.
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Upon breaking this neckline, the price will rally towards the upside.
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As you can see, this is the double bottom.
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This is our neckline we have marked and now we are waiting for the breakout.
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Let's measure our take profit for this Britain will take the price tool will measure it approximately
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sixteen point forty five percent.
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The price broke the neckline and rallied towards the upside, as you can see, had approximately 16
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percent profit.
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And we have booked our take profit on this.
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So this was how simple is the double bottom button?
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I hope you have completely understood and you have learned a double bottom chart.
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But after watching every single you go to trading dot com, open any chart, any forex sharper, any
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stock which you want to analyze and try to practice as much as you can.
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So let's have a quick recap of the double bottom pattern.
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First of all, you need to bottoms, you need a neckline.
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The price should be near downtrend.
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And the double bottom pattern is a bullish, strong bullish pattern.
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Whenever the neckline gets picked, the price will rally towards the upside.
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So this was the mini.
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Let's move on to our next lecture.
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