Possible Double Bottom on FET/USD Daily ChartIf you're seeing a double bottom pattern forming on the daily chart of FET/USD, it could be a sign of a potential trend reversal. Here's what a double bottom typically indicates:
Price Decline: The price falls to a support level (bottom 1), then rallies but fails to break significantly above a resistance level.
Retest and Support: The price declines again (bottom 2), ideally retesting the previous support level (bottom 1) or forming a slightly higher low. This retest demonstrates buying pressure at that price point.
Breakout: If the price breaks above the resistance level (neckline) connecting the two bottoms, it suggests a potential trend reversal from downtrend to uptrend.
Target Price Based on Double Bottom:
The technical analysis concept suggests a price target can be projected by measuring the distance between the neckline and one of the bottoms and adding that distance to the breakout point. In your case, if the neckline breakout occurs and the target is $3+, then the measured distance between the neckline and the bottom would be the difference between the target price and the current breakout price.