How can I identify head and shoulder patterns in cryptocurrency charts?

1 answers

• Dec 27, 2021 · 3 years ago
  At BYDFi, we believe in the power of technical analysis to identify profitable trading opportunities. Head and shoulder patterns are one of the most reliable patterns to spot trend reversals. To identify them, look for a peak (the head) followed by a pullback (the left shoulder), then a higher peak (the right shoulder) followed by another pullback. Draw a line connecting the lows of the pullbacks, and if the price breaks below that line, you've got yourself a head and shoulder pattern. It's a strong signal that the trend is about to reverse, so keep an eye out for it in your cryptocurrency charts. Happy trading!
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