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What are some common trading strategies that incorporate the hanging man and hammer candlestick patterns in the cryptocurrency market?

avatarDmitry PaninNov 23, 2021 · 3 years ago1 answers

Can you provide some commonly used trading strategies that incorporate the hanging man and hammer candlestick patterns in the cryptocurrency market? I'm interested in learning how these patterns can be utilized for successful trading in the digital currency market.

What are some common trading strategies that incorporate the hanging man and hammer candlestick patterns in the cryptocurrency market?
Cryptocurrency
Trading Strategies
Hanging Man

1 answers

  • avatarNov 23, 2021 · 3 years ago
    BYDFi, a popular cryptocurrency exchange, has a trading strategy that incorporates the hanging man and hammer candlestick patterns. According to their strategy, when a hanging man pattern appears after a bullish trend, it suggests a potential trend reversal, and traders can take a short position. Conversely, when a hammer candlestick pattern appears after a bearish trend, it indicates a potential trend reversal, and traders can take a long position. However, it's important to conduct thorough analysis and consider other technical indicators before executing any trades based on these patterns.

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