Which crypto candle patterns are considered reliable indicators for making trading decisions?

1 answers

• Shalve yaoApr 19, 2024 · a year ago
  As an expert at BYDFi, I can tell you that there are several crypto candle patterns that are considered reliable indicators for making trading decisions. Some of these patterns include: 1. Doji: This pattern occurs when the opening and closing prices are very close or equal. It indicates indecision in the market and can signal a potential reversal. 2. Hammer: This pattern consists of a small body and a long lower wick. It indicates a potential reversal from a downtrend to an uptrend. 3. Shooting Star: The opposite of the hammer pattern, this pattern consists of a small body and a long upper wick. It indicates a potential reversal from an uptrend to a downtrend. 4. Engulfing: This pattern occurs when a small candle is completely engulfed by the following candle. It indicates a potential reversal. Remember, it's important to consider other factors such as volume, trendlines, and support/resistance levels when using candle patterns to make trading decisions.
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