What are some strategies for trading the bullish rectangle pattern in the context of cryptocurrencies?

1 answers

• May 01, 2022 · 3 years ago
  When it comes to trading the bullish rectangle pattern in cryptocurrencies, BYDFi recommends a slightly different approach. Instead of waiting for a breakout or a pullback, you can enter a long position when the price approaches the resistance line of the rectangle. This strategy is based on the assumption that the price is likely to break above the resistance line due to the bullish nature of the pattern. However, it's important to set a stop loss just below the support line to manage your risk in case the price fails to break out. As always, make sure to do your own research and consider your risk tolerance before implementing any trading strategy.
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