What are the common retracement patterns in the cryptocurrency market?

1 answers

• May 06, 2022 · 3 years ago
  Retracement patterns are widely studied in the cryptocurrency market, and traders often use them to identify potential buying or selling opportunities. One popular pattern is the symmetrical triangle, which is formed by drawing converging trendlines that connect a series of lower highs and higher lows. This pattern often precedes a significant price breakout. Another common retracement pattern is the descending triangle, which is formed by drawing a horizontal line at a key support level and a descending trendline connecting lower highs. This pattern suggests a potential downward continuation. By understanding these retracement patterns, traders can gain insights into market sentiment and make more informed trading decisions.
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