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Technical Analysis Patterns
There is nothing more precious to a trader than an ability to predict a further price movement. Technical analysis is a key to your successful transaction. At the same time, you can rely on common and recurring situations that arise in the same circumstances. Our Technical Analysis Patterns section features all trading recommendations based on the technical analysis patterns that help traders make projections and turn a profit.
Head and Shoulders
The Double Bottom pattern has been formed on #Bitcoin M5. Characteristics: the support level 58449.81; the resistance level 58703.31; the width of the pattern 25350 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 25551 points.
The Double Top pattern has been formed on #Bitcoin H1. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 57495.80 is broken, the downward movement will continue.
The Double Bottom pattern has been formed on #Bitcoin M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 59022.80 is broken. The further movements will rely on the width of the current pattern 37050 points.
The Bearish pennant pattern has formed on the USDCAD M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.2120 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.
The Bearish pennant pattern has formed on the EURCAD M5 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 1.4750, a trader will be able to successfully enter the sell position.
Head and Shoulders
The AUDCHF M15 formed the Head and Shoulders pattern with the following features: The Head’s top is at 0.7084, the Neckline and the upward angle are at 0.7060/0.7065. The formation of this pattern can bring about changes in the current trend from bullish to bearish. In case the pattern triggers the expected changes, the price of AUDCHF will go towards 0.7042.
The Triple Top pattern has formed on the chart of the SILVER M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 27.35/27.36 with the upper limit 27.41/27.40; the projection of the width is 55 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 27.35, the price is most likely to continue the downward movement.
The Triple Top pattern has formed on the chart of the EURNZD M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 1.6691/1.6692 with the upper limit 1.6705/1.6705; the projection of the width is 14 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 1.6691, the price is most likely to continue the downward movement.
The Double Bottom pattern has been formed on #NTDOY M30; the upper boundary is 70.23; the lower boundary is 68.72. The width of the pattern is 153 points. In case of a break of the upper boundary 70.23, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.
The Triple Top pattern has formed on the chart of the EURCAD M5 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level 1, support level -1, and pattern’s width 14. Forecast If the price breaks through the support level 1.4769, it is likely to move further down to 1.4766.