"Jack's Trading Classroom" - ETHUSD double bottom breakout and pullback

Currently, we see a 2-hour K-line chart of Ethereum, showing a typical double bottom breakout pattern. After breaking through the neckline, Ethereum reached the resistance zone of 127.2-138.2 (591.82-597.14) and formed a rebound. This is considered a pullback action after the breakout, and the previous downward resistance trend is now broken, both of which are conditions for a bullish operation.

Currently, we see the 2-hour candlestick chart of Ethereum, showing a typical double bottom breakout pattern. After breaking the neckline, Ethereum reached the resistance zone of 591.82-597.14, between 127.2-138.2, and formed a rebound. This is considered a pullback action after the breakout, with the previous downtrend resistance now broken, both indicating bullish conditions.

At this price level, setting the low point of the right foot as a stop loss, attempting to enter a long position is advisable. Setting the Fibonacci sequence 200 at 627.02 as the profit target is preferable.

In recent days, the digital currency market has seen significant volatility. It is recommended that operators strictly implement risk control measures and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is a personal opinion. Readers are advised to refer carefully, as cryptocurrency trading may pose risks to your capital.

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