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The Piercing Pattern โ Spotting a Bullish Reversal ๐ What is the Piercing Pattern? The Piercing Pattern is a two-candle bullish reversal formation that often appears after a downtrend. It signals that sellers are losing control and buyers are stepping in. How to Identify It: 1. First Candle โ A long red (bearish) candle showing strong selling pressure. 2. Second Candle โ A long green (bullish) candle that: Opens below the previous candleโs low (gap down). Closes more than halfway into the previous candleโs body. Market Psychology Behind It: Sellers push the price lower initially. Buyers aggressively enter, pushing the price back above the midpoint of the prior candle. This shift shows momentum is swinging toward the bulls. Trading Instructions: Confirmation is Key: Wait for the next candle to close green before entering a buy. Entry Point: Enter above the second candleโs high. Stop Loss: Place below the low of the Piercing Pattern. Profit Target: Look for the next resistance zone or set a risk-reward ratio of at least 1:2. Pro Tip ๐ก: The Piercing Pattern is more reliable when it appears after a prolonged downtrend or near a strong support level. #Bitlayer #priceaction #learntrading #Write2Earn #learn2earn
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