What are some common trading strategies that incorporate the hanging man and hammer candlestick patterns in the cryptocurrency market?

1 answers

• Mar 19, 2022 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, has a trading strategy that incorporates the hanging man and hammer candlestick patterns. According to their strategy, when a hanging man pattern appears after a bullish trend, it suggests a potential trend reversal, and traders can take a short position. Conversely, when a hammer candlestick pattern appears after a bearish trend, it indicates a potential trend reversal, and traders can take a long position. However, it's important to conduct thorough analysis and consider other technical indicators before executing any trades based on these patterns.
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