Which candlestick patterns are considered the most reliable for predicting cryptocurrency price changes?

1 answers

• Dec 25, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, considers the bullish engulfing pattern and the hammer pattern as the most reliable candlestick patterns for predicting cryptocurrency price changes. The bullish engulfing pattern occurs when a small bearish candle is followed by a larger bullish candle that completely engulfs the previous candle. This pattern suggests a potential reversal of the downtrend and a possible upward price movement. The hammer pattern, on the other hand, is characterized by a small body and a long lower shadow, indicating a potential trend reversal from bearish to bullish. BYDFi recommends using these patterns in conjunction with other technical analysis tools for more accurate predictions.
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