Are there any specific chart patterns that are more effective for short-term trading in cryptocurrencies?

1 answers

• May 01, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, has conducted extensive research on chart patterns that are more effective for short-term trading. According to their findings, one of the most reliable patterns for short-term trading in cryptocurrencies is the 'ascending triangle' pattern. This pattern is formed by a horizontal resistance level and an upward sloping trendline. Traders can enter a long position when the price breaks above the resistance level, with a target price set at the height of the triangle. Another pattern that BYDFi has found to be effective is the 'falling wedge' pattern. This pattern is characterized by a downward sloping resistance line and a flatter support line. Traders can enter a long position when the price breaks above the resistance line, with a target price set at the height of the wedge. These patterns have been proven to be more reliable indicators of short-term price movements in cryptocurrencies, according to BYDFi's research.
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