Is Inverted Hammer Candle Pattern Bullish or Bearish?
Inverted Hammer candles setup is a bullish reversal candlestick pattern. It forms at the bottom of a Crypto trend.
Inverted Hammer candlesticks setup occurs at the bottoms of a down bitcoin trend & reflects possibility of reversal of the downward trend.
Inverted Hammer Bullish Crypto Candlesticks Setup
Analysis of Inverted Hammer BTC USD CryptoCurrency Candle Pattern
A bullish reversal buy crypto signal is confirmed when a candlestick closes above the neck-line, this is the opening of the candle-stick onto the left side of the inverted hammer candlesticks setup. The neckline in this case is a resistance area.
Stop orders for buy trade positions should be set a couple of pips below the lowest bitcoin price on the recent low once a btc/usd trader opens a trade transaction based on this candlesticks setup. Inverted hammer cryptocurrency candles pattern is named so because it signifies that the btcusd market is hammering a bottom.
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