FX.co ★ Actual patterns. Technical analysis and trading recommendations

The Triple Bottom pattern has been formed on #Bitcoin M30. It has the following characteristics: resistance level 103658.13/103057.03; support level 102549.85/102590.27; the width is 110828 points. In the event of a breakdown of the resistance level of 103658.13, the price is likely to continue an upward movement at least to 102705.50.

According to the chart of M5, #Bitcoin produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 102549.85 while the median line of the Neck is set at 103359.60/103319.80. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of #Bitcoin will go towards 103320.00.

The Double Bottom pattern has been formed on #Bitcoin M5; the upper boundary is 103642.04; the lower boundary is 103357.83. The width of the pattern is 27887 points. In case of a break of the upper boundary 103642.04, 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 Double Bottom pattern has been formed on #Bitcoin M5. Characteristics: the support level 103472.45; the resistance level 103745.49; the width of the pattern 27304 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 29388 points.

The Double Top reversal pattern has been formed on GBPJPY M15. Characteristics: the upper boundary 193.77; the lower boundary 193.55; the width of the pattern is 22 points. Sell trades are better to be opened below the lower boundary 193.55 with a possible movements towards the 193.32 level.