Technical Analysis - Chart Pattern - Bearish Rectangle
Bearish Rectangle is produced when the price consolidates for a moment all through a decline. This happens due to the reality sellers probably need to freeze and collect their breath before taking the pair further lower. In this situation, price breached the lowest of the rectangle chart pattern and continued to rocket down. Price broke the bottom of the rectangle chart pattern & went towards the downward direction. If we put a short order exactly below the support level, we would have made some nice profit on this trade. The tip: Once the pair goes below the support level, it tends to make a move that is around the size of the rectangle formed.
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