Does the double bottom pattern work?

A double bottom pattern is a widely used figure of technical analysis, it is known as a reliable and profitable pattern. We also often rely on it when making our trading recommendations. Today we’ll check if this pattern can be used independently and how accurately it can predict a trend reversal.

The double bottom is a reversal figure which appears at descending trend. They say that the stronger and longer the previous trend is, the more it is possible that ascending trend will be also powerful and profitable.

We can say that the figure is done after the resistance level is broken. This is a perfect point to hit the market and we used it to calculate a potential profit.

There are 20 situations with the double bottom pattern on graphs of different cryptocurrencies.

So in 85% of cases, the double bottom pattern predicted a trend reversal. The percentage of potential profit was different in situations analyzed: from 3,2% to 79,2%.

And we can conclude that double bottom pattern is a strong reversal figure which can predict trend with an 85% accuracy.

As you can see, double bottom pattern can be called quite simple. However, it has their own nuances. Don’t worry! You don’t have to know all of them since our Smart Trading System knows! 🤖

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