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

The Double Bottom pattern has been formed on #Bitcoin M5; the upper boundary is 62883.62; the lower boundary is 62702.00. The width of the pattern is 20430 points. In case of a break of the upper boundary 62883.62, 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.

According to the chart of M5, #Bitcoin formed the Head and Shoulders pattern. The Head’s top is set at 63365.00 while the median line of the Neck is found at 62800.84/62822.33. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of #Bitcoin will go towards 62822.18.

On the chart of the #Bitcoin M15 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 61372.89, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 76692 points.

The Double Top reversal pattern has been formed on #Bitcoin M15. Characteristics: the upper boundary 62139.81; the lower boundary 61372.89; the width of the pattern is 83190 points. Sell trades are better to be opened below the lower boundary 61372.89 with a possible movements towards the 61372.66 level.

The Bearish Flag pattern has been formed on the chart #Bitcoin M5 which signals that the downward trend will continue. If the price breaks below the low at 58763.70, then it is most likely to move further downwards. The price will likely move by the number of points which equals the length of the flag pole (10 points).