11 Candlestick Patterns Summarized by Legendary Traders

All Candlestick patterns reflect the market's psychology, and the market environment determines the effectiveness of the Candlesticks.

If trends are the cornerstone of trading, then support and resistance levels must be validated by Candlesticks.

As a qualified trader in the cryptocurrency space, it is essential to understand these basic concepts.

The following image shows eleven classic Candlestick patterns.

1. Double Bottom/W Bottom:
After testing the bottom twice, the price of the coin reversed upwards, forming a W-shaped bullish pattern.

2. Descending Flag
After a brief consolidation, the coin price continues to decline, resembling a bearish flag pattern.

3. Ascending Triangle
The price of the coin oscillates between the horizontal resistance line and the ascending support line, ultimately forming a bullish pattern that breaks upwards.

4. Head and Shoulders
The price of the coin forms a left shoulder, head, and right shoulder before reversing downwards, indicating a bearish reversal.

5. Ascending Flag Pattern
After a brief consolidation, the price of the coin continues to rise, resembling a bullish flag pattern.

6. Descending Triangle
The price of the currency is oscillating between the horizontal support line and the descending resistance line, ultimately forming a bearish pattern that breaks downward.

7. Double Bottom / Breakdown Reversal
After the price of the coin touches the low multiple times, it breaks through, forming a bullish reversal pattern.

8. Rising Wedge
The price of the coin is operating within a converging upward channel, which usually indicates a bearish pattern that signals a downward reversal.

9. Rectangular Consolidation
The coin price is consolidating between parallel support and resistance, indicating a continuation or reversal.

10. Arc Cup Handle
After the price of the coin forms a rounded bottom and briefly consolidates, it resembles a cup and handle bullish pattern.

11. Expanding Triangle
The price fluctuation range is gradually expanding, forming a divergent triangle, indicating a high volatility reversal or continuation. #BTCÐ Launchpool收益超3%# #Alpha 积分系统上线# #以太坊十周年# #BTC# #ETH#