Is a Double Bottom Setup Bullish or Bearish?

A double bottom chart pattern looks like a W and shows up at the bottom of a market, so it's called a double bottom chart pattern, and it means the price might go up.

Once a double bottom chart pattern is confirmed then the market will be regarded to be bullish, henceforth a double bottoms is bullish.

Double Bottom Pattern

The double bottom pattern signals a reversal after a long downtrend. It forms with two low points at similar levels, separated by a small peak.

This chart pattern called a double bottom is seen as done when the price goes to a second low spot and then goes past the highest spot between the lows, called the neck-line. The buy signal for this bottoming signal happens when the market goes past the neck line to the top side.

Within the realm of Indices, this double bottom configuration serves as an early indication that a prevailing bearish market trend may be preparing to reverse course. Confirmation of this pattern is only considered valid after the neckline has been decisively broken. In this specific double bottoms chart structure, the neckline acts as the immediate price resistance level, and its breach typically precipitates an upward market movement.