What's a "hanging man" candlestick pattern in BTCUSD trading?
What Does Hanging Man Candle Mean? - Hanging Man Candle Definition
The Hanging Man candlestick pattern in cryptocurrency markets signals a bearish reversal during an upward trend. Its name derives from its visual resemblance to a man hanging from a noose.
A hanging man candlestick has:
- A small body
- The body is at the top
- Lower shadow is two or three times length of real body.
- Has no upper shadow or very small upper shadow if present.
- The color of the body isn't important
Understanding the Hanging Man Candlestick in Bitcoin Trading: Analysis of the Hanging Man Bitcoin Candle Pattern.
BTCUSD Candle Pattern
A sell signal for cryptocurrency is confirmed when a bearish candlestick closes below the opening price of the candlestick to the left of the hanging man pattern in the Bitcoin candlestick formation.
Stop orders should be placed a few pips just above the high of the hanging man candlestick.
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