If you are a beginner, you should know about bullish and bearish trends, especially if you are trading on Binance. This is the basic concept for trading on Binance. If you understand this, you can easily earn $100 to $200 daily. This is important to understand the market, because the market keeps going up and down. Read carefully.
Bearish Continuation Pattern
These patterns indicate that the downtrend is likely to resume after the consolidation phase. Here are the main bearish patterns:
1. Bearish Flag: Downtrend followed by rectangular consolidation and breakout to the downside.
2. Bearish Flag: A small triangle consolidation after a sharp downtrend, usually followed by a further decline.
3. Bearish Rising Wedge: A narrowing upward price channel that breaks downward.
4. Descending Triangle: Horizontal support levels and descending resistance points to a decline.
5. Inverted Cup and Handle: Rounded top followed by minor consolidation before a decline.
Strategy for Bearish Patterns:
Short Entry: After a decline from the consolidation phase.
Stop Loss: Just above the resistance trendline or previous swing high.
Take Profit: Measure the previous trend high and project it down.
Bullish Continuation Pattern
These patterns indicate that the uptrend will resume after consolidation. Key bullish patterns include:
1. Bullish Flag: An uptrend followed by a rectangular consolidation and an upward breakout.
2. Bullish Flag: A small symmetrical triangle follows a sharp rise, leading to another bullish breakout.
3. Bullish Falling Wedge: A downward narrowing price channel that breaks upward.
4. Right Angle Descending Wedge: Descending resistance trendline with flat support level leading to an upside breakout.
5. Symmetrical Triangle: A triangle pattern with trendlines approaching each other, pointing to an upward continuation.
6. Cup and Handle: Rounded bottom followed by minor consolidation and breakout to the upside.
7. J-Hook Pattern: A smooth curve pointing upwards that indicates a continuation of the uptrend.
8. Scoop Pattern: A rounded price decline followed by a sharp increase.
Strategy for Bullish Patterns:
Long Entry: After breakout from consolidation.
Stop Loss: Below the support trendline or previous swing low.
Take Profit: Measure the previous trend high and project it upwards.
How to Earn $100 Daily on Binance
To utilize these patterns effectively:
1. Set Alerts: Use Binance's charting tools to set alerts for potential breakout points.
2. Risk Management: Risk only 1-2% of your portfolio per trade to protect your capital.
3. Scalping Practice: Look for these patterns on shorter timeframes (eg. 5m, 15m) for quicker trades.
4. Use Leverage with Caution: If using leverage, make sure the stop loss is tight to minimize risk.
5. Back Test Strategy: Use Binance demo account or tools like TradingView to test strategies on historical data.
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