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Here are some key patterns to help you spot profitable trading opportunities to 10x your whole portfolio 🧵
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1️⃣ Ascending Triangle:
⎆ Description: This pattern forms with a flat resistance level and a rising support level, indicating a potential bullish breakout.
⎆ How it works: It suggests that the price might break above the resistance level and continue to rise.
2️⃣ Bearish Rectangle:
⎆ Description: A pattern where the price moves between horizontal support and resistance lines during a downtrend.
⎆ How it works: It suggests that the price might continue to drop once it breaks below the support level.
3️⃣ Bullish Rectangle:
⎆ Description: Opposite of the bearish rectangle, where the price moves between horizontal support and resistance lines during an uptrend.
⎆ How it works: It indicates that the uptrend might continue after the price consolidates within the rectangle.
4️⃣ Descending Triangle:
⎆ Description: Opposite of the ascending triangle, with a flat support level and a descending resistance level, indicating a potential bearish breakout.
⎆ How it works: It suggests that the price might break below the support level and keep falling.
5️⃣ Double Top:
⎆ Description: Bearish reversal pattern that forms after an uptrend and signals a potential price drop.
⎆ How it works: The price reaches a high point (resistance) twice without breaking through, indicating that buyers are struggling to push the price higher.
6️⃣ Falling Wedge:
⎆ Description: Similar to the rising wedge, but slopes downward and often signals a bullish continuation.
⎆ How it works: It indicates that the downtrend might be losing momentum and could reverse once the price breaks above the resistance line.
7️⃣ Flag:
⎆ Description: A short-term continuation pattern that forms after a strong price move, showing a brief consolidation.
⎆ How it works: It suggests that the price might continue moving in the same direction after the flag pattern completes.
8️⃣ Head and Shoulders:
⎆ Description: This pattern resembles a head with two shoulders, signaling trend reversal.
⎆ How it works: Price forms three peaks, with the middle one (head) being the highest.
Indicates that the uptrend might end if price breaks below the neckline.
9️⃣ Rising Wedge:
⎆ Description: This pattern shows a narrowing range between upward sloping support and resistance lines.
⎆ How it works: It suggests that the uptrend might be losing steam and could reverse once the price breaks below the support line.
🔟 Symmetrical Triangle:
⎆ Description: This pattern forms with two converging trendlines, indicating indecision in the market.
⎆ How it works: It suggests that the price might break out in either direction, up or down, once it reaches the apex of the triangle.
Master these patterns to make informed trading decisions and anticipate potential price movements in the volatile cryptocurrency markets.
Remember to combine pattern analysis with other technical indicators, find out the best combos below
Everything in this thread is my personal view and is not financial advice.
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