Double and Triple Top pattern of technical analysis for cryptotraders at BitSeven platform

Today we are starting editions about the patterns of technical analysis and we will begin with the “Double Top” pattern.
Let us move on to the platform BitSeven at www.bitseven.com. Select the tab “Leverage Trading” and we are at the trading terminal. For our convenience, we will open the terminal in a separate window. On the left, we have a small blue button that opens the “Drawing Toolbar”. We need it. The chart has a time interval of a day. Therefore, we are looking for our pattern on the chart. Here it is. (2019-02-25).
Let us use “Brush” and “Text” tools from “Drawing Toolbar” to demonstrate our actions on the chart.
This is the first top, and here is the second one. Line of resistance AB. Support line CD. In addition, here we were waiting for the breakout of the support line, which will indicate the change of the bullish trend to the bearish trend. This will be our signal for sale. You must be careful; the price can test this level. With this pattern, the price twice reaches the resistance level without breaking it.

Accordingly, the figure “Double bottom” indicates a reversal of the downtrend to the uptrend. With it, the price twice reaches the support level without breaking it.
The probability of a trend change in this pattern increases if the breakout of the resistance or support line occurs with increasing volumes of transactions.
As part of the independent work, compare the signals of these patterns with the signals of trend indicators and oscillators available on the trading terminal of BitSeven platform at www.bitseven.com on the “Leverage trading” tab in the “Indicators” window.

We continue the editions about technical analysis patterns and today we will talk about the Triple Top.

Let us move on to the platform BitSeven at www.bitseven.com. Click the tab “Leverage Trading” in the trading terminal. For our convenience, we will open the trading terminal in a separate window. On the left, we have a small blue button that opens the “Drawing Toolbar”. We need it. Select the time interval for the chart of 30 minutes. Therefore, we are looking for a “Triple Top” on the chart. Here it is. (2019-04-07 09:00:00).

Let us use tools from “Drawing Toolbar” to demonstrate our actions on the chart.

The first top is here, and here are the second and third tops. Line of resistance AB. Support line CD. In addition, here we were waiting for the breakout of the support line, which will indicate the change of the uptrend to the downtrend. This will be our signal for sale. You must be careful; the price can test this level.

“Triple Top” as well as “Double Top” indicates a possible trend reversal. It is less common, but it is more reliable.

Click link below, you can watch this trading strategy on YouTube BitSeven channel:

https://youtu.be/Uvj77EMRf3M