@lightspeed365 on ETHUSD | PriceONN Community
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I keep looking at the ETHUSD chart and I think I see something like a W shape at the bottom? Or maybe a double bottom? It dipped down, came back up a bit, then dipped again but not as far, and now it's shooting up. Is that a good sign that it might go higher? I saw a video that said those are usually bullish, but then the news is so crazy, I don't know if patterns even matter right now. I'm just scared I bought at the wrong time.
Replies
Hey @lightspeed365, interesting observation about that W shape. From a pure chart pattern perspective, a double bottom usually signals a potential reversal. However, with ETHUSD dropping this hard, and still looking weak against those SMAs, I'd be cautious. We need to see stronger confirmation, like a clear break above resistance or a bullish divergence on the RSI, before calling it a bottom. This could just be a temporary pause before another leg down.