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4.22 Double Bottom Analysis
Double Bottom on the 1-hour timeframe shows a pattern of spiking up and then pulling back. The Bollinger Bands indicator shows that the middle band at 2313 forms short-term support, while the upper band at 2330 acts as a strong resistance; price is consolidating and weakening within the Bollinger Bands range. After the previous rally pushed up to the upper band, bullish momentum quickly faded, and a high-level bearish candle formed, indicating that short-term upward strength is insufficient.
A sideways, slightly “choppy” pattern is forming. There is no clear one-way trend in the short term, so trading is mainly focused on going short from higher levels. Be cautious about the oscillation risk of the price repeatedly testing the support area; if the price breaks below the lower band support, it will open up further downside space. If it holds above the middle band, the range-bound oscillation will continue. Overall, short-term bearish strength is gradually increasing, so you should closely monitor whether key support breaks.
Trading suggestion: Short 2350-2380, target 2270-2200.$GT