What are some common candlestick patterns that indicate a potential trend reversal in cryptocurrencies?

1 answers

• Nov 27, 2021 · 3 years ago
  Certainly! One candlestick pattern that indicates a potential trend reversal in cryptocurrencies is the 'bullish harami' pattern. This pattern occurs when a large bearish candle is followed by a small bullish candle that is completely engulfed by the previous candle. The bullish harami pattern suggests that the selling pressure is diminishing and a potential reversal is on the horizon. Another pattern to watch out for is the 'rising wedge' pattern, which is characterized by a series of higher highs and higher lows that converge into a narrowing wedge shape. This pattern indicates a potential breakout to the downside and can signal a reversal from an uptrend to a downtrend in cryptocurrencies.
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