$XAUT

XAUT

4,679.63

-0.82%

A Double Bottom is a "W" shape on 1hr chart tells us that the price tried to fall twice but failed to break lower.

Here is its role in simple steps:

The Floor: It shows that 4,671.15 is a very strong floor. Sellers cannot push the price below this point.

The Reversal: It signals that the "downward" move is over. The buyers are now stronger than the sellers.

The Trap: People who were betting the price would keep falling are now stuck. When they exit their trades, it pushes the price up toward your target.

Confidence: Seeing this "W" shape gives other traders the confidence to start buying, which creates the big green candles you see now.

In short: It is a "Stop" sign for the drop and a "Go" sign for the move up to 4,736.

Note:DYOR

#XAUT