Which option chart patterns should I look for when trading cryptocurrencies on thinkorswim?

3 answers

• Nov 26, 2021 · 3 years ago
  When trading cryptocurrencies on thinkorswim, it's important to pay attention to certain option chart patterns that can provide valuable insights. One pattern to look for is the ascending triangle, which indicates a bullish trend. This pattern is formed by a series of higher lows and a resistance level that remains constant. Another pattern to consider is the descending triangle, which suggests a bearish trend. It is characterized by a series of lower highs and a support level that remains constant. Additionally, the symmetrical triangle pattern can indicate a period of consolidation before a potential breakout. These patterns can be used in conjunction with other technical indicators to make informed trading decisions.
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• Nov 26, 2021 · 3 years ago
  When trading cryptocurrencies on thinkorswim, keep an eye out for the head and shoulders pattern. This pattern consists of three peaks, with the middle peak being the highest. It indicates a potential trend reversal from bullish to bearish. Another pattern to consider is the double bottom, which suggests a potential trend reversal from bearish to bullish. It is formed by two consecutive lows with a resistance level in between. These chart patterns can be used as a part of your technical analysis to identify potential entry and exit points in the market.
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• Nov 26, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, recommends looking for specific option chart patterns when trading cryptocurrencies on thinkorswim. One such pattern is the cup and handle pattern, which indicates a potential bullish trend continuation. It is characterized by a rounded bottom followed by a slight pullback and a subsequent breakout. Another pattern to consider is the flag pattern, which suggests a temporary pause in the trend before a continuation. It is formed by a sharp price movement followed by a consolidation phase. These patterns can be used to identify potential trading opportunities and improve your overall trading strategy.
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