What is the alternative candlestick pattern to shooting star in the realm of cryptocurrencies?

3 answers

• Dec 26, 2021 · 3 years ago
  The alternative candlestick pattern to shooting star in the realm of cryptocurrencies is the inverted hammer. It is a bullish reversal pattern that forms at the bottom of a downtrend. The inverted hammer has a small body and a long upper shadow, indicating that buyers are stepping in and pushing the price up. This pattern suggests a potential trend reversal from bearish to bullish. Traders often look for confirmation signals, such as a higher close in the next candle, to validate the pattern.
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• Dec 26, 2021 · 3 years ago
  When it comes to cryptocurrencies, the alternative candlestick pattern to shooting star is the dragonfly doji. This pattern forms when the open, high, and close prices are the same, and the low price creates a long lower shadow. The dragonfly doji signals a potential trend reversal from bearish to bullish. It indicates that buyers are stepping in and pushing the price up after a downtrend. Traders often look for confirmation signals, such as a higher close in the next candle, to confirm the pattern.
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• Dec 26, 2021 · 3 years ago
  In the realm of cryptocurrencies, the alternative candlestick pattern to shooting star is the hanging man. It is a bearish reversal pattern that forms at the top of an uptrend. The hanging man has a small body and a long lower shadow, indicating that sellers are stepping in and pushing the price down. This pattern suggests a potential trend reversal from bullish to bearish. Traders often look for confirmation signals, such as a lower close in the next candle, to validate the pattern. Please note that the information provided here is for educational purposes only and should not be considered as financial advice.
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