Pattern: Bullish Double Bottom
Pair: CRV/USDT
Entry Point: Breakout above the neckline at 0.5376
Trade Parameters:
Entry Price: Buy once the price closes above 0.5376
Stop Loss (SL): Set the stop loss just below the neckline (approx. below 0.5376)
Take Profit (TP): Target a price level of 0.66
Rationale:
The bullish double bottom pattern, characterized by two consecutive price troughs followed by a breakout above the neckline, indicates a potential trend reversal from bearish to bullish.
We'll initiate the long position once the price closes above the neckline (0.5376), which serves as our entry trigger.
To manage risk, we'll place our stop loss just below the neckline to protect against adverse price movements.
The target price (TP) for this trade is set at 0.66, which is determined by measuring the vertical distance between the lowest point of the pattern and the neckline and adding it to the neckline's breakout point.