$NAORIS – Double Bottom Formation

NAORIS – Double Bottom Formation

The 2Hr chart is showing a Double Bottom pattern — a classic bullish reversal signal that forms after extended downtrends, indicating sellers are losing momentum and buyers are stepping in.

🔸Bottom 1 (~0.0308): First rejection after a steep decline, signaling initial demand.

🔹Bottom 2 (~0.0310): Retest of the support zone with a higher low wick rejection, confirming the strength of the demand area.

🔸Neckline Resistance (~0.0358–0.0360): This is the breakout trigger. A decisive close above this zone could confirm the reversal.

▫️The recovery from Bottom 2 shows higher lows on short-term candles, hinting at steady accumulation.

▫️Volume during bounces is increasing, suggesting gradual buyer confidence.


Probable Scenarios

1. Bullish Continuation: A close above 0.0360 with strong volume could target the 0.0385–0.0400 zone initially, followed by a potential retest of the 0.0440 high if momentum sustains.

2. Retest Before Break: Price may pull back to 0.0330–0.0320 before making a second attempt at the neckline — a healthy consolidation before breakout.

3. Bearish Rejection: Failure to hold 0.0320 support would invalidate the double bottom, putting 0.029–0.028 in focus.


The double bottom is a bullish sign, but confirmation only comes after a strong breakout above the neckline with volume support. Until then, the pattern remains in the setup phase.