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Bear flags are those that appear in downtrends, when the analyst that spots them predicts that prices will fall. Bearish flags are a common technical indicators used by crypto and markets traders. Flag formations are useful because an analyst could infer that an upward or downward price spiral is about to happen. But the price oscillates for a period, trending downward while trading volumes decline.
Pennant The pennant is another kind of chart formation. A pennant is also a flag, but the kind that looks like a sideways triangle see below. When charting crypto prices, technical analysts look to pennant formations for bullish or bearish price signals. CPI report. Source: TradingView, CoinDesk Apart from the shape of the consolidation period, the pattern for a pennant is pretty much the same as the flag: There is an upward or downward movement, known as the flagpole, followed by a consolidation period marked by low trading volume that precedes a high-volume breakout.
Traders can try to take advantage of a bearish or bullish pennant. To take advantage of a bullish pennant, they might spot higher than usual trading volume in the initial breakout period — the pole. If so, traders might buy the cryptocurrency during the consolidation period while prices stagnate and volumes swindle. The technical analyst submits that this is because supply and demand are pretty well balanced, marking an uneasy equilibrium that precedes a price rise or fall.
These periods of unsettling calm are different from the periods of consolidation in the pennant and flag because they tend to but not always last for far longer — weeks or months, rather than hours or days. This might include watching prices like a hawk to check for other trends or scrutinizing trading volumes to work out if the trading volume of sellers matches that of buyers. These people immediately lost money on their investment and are excited to simply break even.
The rising price at the end of the handle signals to prospective traders that the sellers have exhausted themselves, and that there is still enough buying pressure to break through to a new high. As you can see in this example, patterns are fuzzy approximations. They never look perfect, and they are always open to different interpretations. There is an art to recognizing trends, and this should only be one of many indicators that a trader uses when thinking about placing a trade.
The remaining examples below show simplified diagrams. Ascending Triangle The ascending triangle pattern is also very common, and it takes the form of the asset's price repeatedly bumping up against an invisible line of resistance. Each time the price dips lower, it does so less and less this is known as making higher lows. Each time a line of resistance is tested, it becomes more likely that it will be broken. This eventually communicates to investors that the price will shoot upward if the pattern resolves itself.
It's worth noting that patterns typically don't completely finish before the price breaks out of the pattern. If bitcoin is forming an ascending triangle and it becomes clear that this is the pattern it's forming, people will jump in sooner rather than later and cause the price to shoot upward before the triangle has completed itself. Traders want to be among the first to recognize a pattern. Sometimes, if you wait too long for confirmation, it will be too late.
Symmetrical Triangle A symmetrical triangle is less bullish than an ascending one, but no less common. It features a price range that is getting more and more narrow, but not favoring a specific direction. This is usually considered a continuation pattern, meaning that a symmetrical triangle will tend to break out in the direction it was already headed before the pattern started.
In a bull market, the price usually breaks up. In a break market, it often breaks downward. Descending Triangle A descending triangle is a bearish version of an ascending one. A lower point of support is repeatedly tested until it can no longer hold. It's worth noting that trading volume is another important aspect of reading chart patterns. Each pattern can have some ideal volume associated with it at different times. While this is largely outside the scope of the article, there is one important thing to know: Trade volume spikes add conviction to a price breakout.
If the price breaks down from a descending triangle on high volume, that means the move was legit, and the likelihood of a false breakout is low. A head and shoulders pattern can often be a little lopsided where the shoulders are not level with each other.
The shoulders can also be riddled with wicks see: how to read candlestick charts making them easy to miss. However, this is a powerful pattern that can be very profitable to spot. Unsurprisingly, an inverse head and shoulders is the bullish version of the regular pattern. Falling Wedge A falling wedge might be a little unintuitive to newcomers. It may look quite similar to a descending triangle, yet it's actually bullish!
The main difference is that rather than moving between a flat resistance line and a downward trendline, it zigzags between two downward sloping, converging trendlines.
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Each time a line of resistance is tested, it becomes more likely that it will be broken. This eventually communicates to investors that the price will shoot upward if the pattern resolves itself. It's worth noting that patterns typically don't completely finish before the price breaks out of the pattern.
If bitcoin is forming an ascending triangle and it becomes clear that this is the pattern it's forming, people will jump in sooner rather than later and cause the price to shoot upward before the triangle has completed itself. Traders want to be among the first to recognize a pattern. Sometimes, if you wait too long for confirmation, it will be too late. Symmetrical Triangle A symmetrical triangle is less bullish than an ascending one, but no less common.
It features a price range that is getting more and more narrow, but not favoring a specific direction. This is usually considered a continuation pattern, meaning that a symmetrical triangle will tend to break out in the direction it was already headed before the pattern started. In a bull market, the price usually breaks up. In a break market, it often breaks downward. Descending Triangle A descending triangle is a bearish version of an ascending one. A lower point of support is repeatedly tested until it can no longer hold.
It's worth noting that trading volume is another important aspect of reading chart patterns. Each pattern can have some ideal volume associated with it at different times. While this is largely outside the scope of the article, there is one important thing to know: Trade volume spikes add conviction to a price breakout. If the price breaks down from a descending triangle on high volume, that means the move was legit, and the likelihood of a false breakout is low.
A head and shoulders pattern can often be a little lopsided where the shoulders are not level with each other. The shoulders can also be riddled with wicks see: how to read candlestick charts making them easy to miss. However, this is a powerful pattern that can be very profitable to spot. Unsurprisingly, an inverse head and shoulders is the bullish version of the regular pattern. Falling Wedge A falling wedge might be a little unintuitive to newcomers. It may look quite similar to a descending triangle, yet it's actually bullish!
The main difference is that rather than moving between a flat resistance line and a downward trendline, it zigzags between two downward sloping, converging trendlines. Rising Wedge A rising wedge is the name given to an inverted falling wedge, and is a bearish pattern. Double Top A double top is exactly what it sounds like, and it makes a lot of sense from a market psychology perspective.
After reaching an all-time-high or maybe just a local-high , there was enough momentum to test that price a second time. But enough sellers showed up to knock the price back down, signaling that the price rally could be over. Triple tops, while less common, do occur as well. Double Bottom A double bottom pattern is a bullish version of a double top.
It's worth noting that both bottom prices don't need to line up perfectly, and wicks are frequently ignored when it's convenient. When looking at a candlestick chart, a wick is a brief price anomaly, and can often be safely omitted when charting price patterns.
The price reverses and finds its second support 3 at a similar level to the first resistance 1. The price again reverses and finds its resistance at a lower level than before 4 , forming the descending angle of the triangle. The pattern completes when the price reverses again and breaks below 5 the established horizontal line in this pattern.
Bullish Symmetrical Triangle As the name suggests, this is a bullish indicator and indicates the continuation of the upward trend. The bullish asymmetrical triangle is a common pattern seen in bullish markets. In an uptrend, the price finds the first resistance 1 which will be the highest price in the pattern. The price reverses and finds its first support 2 which will be the lowest point in this pattern. The price reverses from the first support 2 and finds the second resistance 3 which is lower than the first resistance.
These two resistance points create the downward angle of the symmetrical triangle. The second support level 4 is higher than the first support 2 and forms the upward angle of the symmetrical triangle. The pattern completes when the price reverses direction from the second support 4 and breaks the triangle's upper line 5. Bearish Symmetrical Triangle As the name suggests, this pattern is bearish and indicates the continuation of the downward trend.
The bearish symmetrical triangle is a common pattern seen in bearish markets. In a downtrend, the price finds its first support 1 which is the lowest price in this pattern. The price reverses and finds its first resistance 2 , which is the highest point in this pattern. The second support 3 is higher than the first support 1 and creates the upward angle of this pattern. The price reverses direction and the second resistance 4 is lower than the first resistance 2 creating the downward angle of this pattern.
The pattern completes when the price reverses past the bottom angle of the pattern 5 and anticipates a lower low and bearish trend. Rising Wedge The rising wedge is a bearish indicator and can be found in either an uptrend or downtrend. It is not a common pattern. In either an uptrend or downtrend, the first point in this pattern 1 forms the first support level and also the lowest point in the pattern. As the price reverses, the first resistance level 2 is set and is also the lowest resistance level in the pattern.
As the price reverses, the second support 3 is found and the first 1 and the second support 3 form the bottom angle of the rising wedge. The price reverses and the second resistance level 4 is at a point higher than the first resistance level 2. The pattern completes when the price reverses 4 and breaks through the bottom of the rising wedge 5. Falling Wedge The falling wedge is a bullish indicator that can be found in either an uptrend or downtrend.
The falling wedge is not a very common pattern. The falling wedge is also the inverse of the rising wedge. This chart pattern can be formed after either an uptrend or a downtrend where the first resistance 1 marks the highest point in this pattern. The price reverses, finding the first support 2 which is also the highest support level in this pattern. The price reverses, moving upward until hitting the second resistance level 3 which is lower than the first resistance point 1. These two points also mark the top angle of the falling wedge.
The price reverses finding the second support 4 which is also lower than the first support level 2 , marking the bottom angle of the falling wedge. The pattern completes when the third resistance level 5 breaks through the upper angle of the falling wedge. Bullish Rectangle The bullish rectangle is a common pattern that indicates the continuation of a uptrend.
In an uptrend, the price finds its first resistance 1 which will form the basis for a horizontal line which will be the resistance level for the rest of the pattern. As the price reverses, it finds its first support 2 which will also form the basis for a horizontal line that will be the support level for the rest of the pattern. As the price moves upward from its first support 2 , it finds the second resistance level 3 which is at the same or similar level as the first resistance.
The price reverses direction moving downward and finds support 4 at the same or similar level as the first support. The pattern completes when the price reverses its direction, moving upward and breaking the upper border of the pattern 5. Bearish Rectangle The bearish rectangle is a very common pattern that indicates the continuation of a downtrend. It is also the inverse of the bullish rectangle. In a downtrend, the price finds its first support 1 which will form the basis for a horizontal line that will be the support level for the rest of the pattern.
As the price reverses, it finds its first resistance 2 which will also form the basis for a horizontal line that will be the resistance level for the rest of the pattern. The price reverses, moving downward until it finds the second support level 3 which is at the same or similar level of support as the first 1. The price reverses direction, moving upward until it finds the second level of resistance 4 which is at the same or similar level of resistance as first 2.
The pattern completes when the price reverses direction, moving downward until it breaks the lower border of the pattern 5. Double Top A double top is a very common pattern and indicates a reversal in price direction. In an uptrend, the price finds its first resistance 1 which will form the basis for a horizontal line that will be the resistance level for the rest of the pattern.
As the price reverses, it finds its first support 3 which will also form the basis for a horizontal line that will be the support level for the rest of the pattern. As the price reverses and moves upward, it finds the second resistance 3 , which is at the same similar resistance as the first resistance 1. The pattern completes when the price reverses direction, moving downward until it breaks the support level set out in the pattern 4.
Double Bottom A double top is a very common pattern and indicates a reversal in price direction. It is also the inverse of the double top. In a downtrend, the price finds its first resistance 1 which will form the basis for a horizontal line that will be the support level for the rest of the pattern.
As the price reverses and moves downward, it finds the second support 3 , which is at the same similar support level as the first support 1. The pattern completes when the price reverses direction, moving upward until it breaks the resistance level set out in the pattern 4. Triple Top A triple top is a bearish indicator and a less common pattern.
It indicates a reversal in price direction. As the price reverses and moves upward, it finds the second resistance 3 , which is at the same similar resistance level as the first resistance 1. As the price reverses and moves downward, it finds the second support 4 , which can be higher or lower than the first support 2.
The price movement reverses and moves upward until it hits the resistance level 5 which is at the same similar resistance level as the first resistance 1.
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