What are some examples of successful trades based on the descending wedge pattern in the world of cryptocurrencies?

3 answers

• Nov 29, 2021 · 3 years ago
  Sure! One example of a successful trade based on the descending wedge pattern in the world of cryptocurrencies is the BTC/USD pair on Binance. In early 2021, Bitcoin formed a descending wedge pattern on the daily chart. Traders who recognized this pattern and entered a long position at the breakout point were able to profit from the subsequent upward movement. The key factor that contributed to the success of this trade was the confirmation of the pattern with strong volume and the overall bullish sentiment in the cryptocurrency market at that time.
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• Nov 29, 2021 · 3 years ago
  Absolutely! Another example of a successful trade using the descending wedge pattern in cryptocurrencies is the ETH/BTC pair on Coinbase. In 2020, Ethereum formed a descending wedge pattern on the weekly chart. Traders who identified this pattern and entered a long position at the breakout point were able to ride the subsequent uptrend and generate significant profits. The key factor that contributed to the success of this trade was the convergence of multiple technical indicators, such as the RSI and MACD, which provided additional confirmation of the pattern.
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• Nov 29, 2021 · 3 years ago
  Definitely! One notable example of a successful trade based on the descending wedge pattern in the world of cryptocurrencies is the ADA/USDT pair on BYDFi. In late 2021, Cardano formed a descending wedge pattern on the 4-hour chart. Traders who recognized this pattern and entered a long position at the breakout point were able to capitalize on the subsequent rally. The key factor that contributed to the success of this trade was the strong support level near the lower trendline of the wedge pattern, which acted as a reliable entry point for many traders.
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