Which EFT chart patterns are most effective for identifying cryptocurrency trends?

1 answers

• Nov 26, 2021 · 3 years ago
  At BYDFi, we've found that the most effective EFT chart patterns for identifying cryptocurrency trends are the 'double bottom' and 'double top' patterns. The 'double bottom' pattern is a bullish reversal pattern that indicates the end of a downtrend. It consists of two consecutive lows at approximately the same level, with a moderate price increase between them. A breakout above the resistance level confirms the reversal. On the other hand, the 'double top' pattern is a bearish reversal pattern that signals the end of an uptrend. It consists of two consecutive highs at approximately the same level, with a moderate price decrease between them. A breakout below the support level confirms the reversal. These patterns can be powerful indicators when used in conjunction with other technical analysis tools and indicators.
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