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

According to the chart of M5, #Bitcoin formed the Inverse Head and Shoulder pattern. The Head’s top is set at 76210.18 while the median line of the Neck is found at 75836.68/76021.18. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of #Bitcoin will go towards 76210.33

The Double Bottom pattern has been formed on EURNZD D1. Characteristics: the support level 1.9496; the resistance level 1.9851; the width of the pattern 355 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 342 points.

The Double Top pattern has been formed on GBPUSD H1. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.3488 is broken, the downward movement will continue.

The Double Bottom pattern has been formed on EURGBP D1; the upper boundary is 0.8788; the lower boundary is 0.8616. The width of the pattern is 177 points. In case of a break of the upper boundary 0.8788, 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 Bearish Flag pattern has been formed on GOLD at M5. The lower boundary of the pattern is located at 4839.03/4850.37 while the upper boundary lies at 4851.81/4863.15. The projection of the flagpole is 2174 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 4839.03 is broken, the price will move further downwards.