The Quasimodo pattern is a powerful one in the forex market and it is a very easy formation to spot.
It’s considered a reversal pattern and therefore, we will look for it after a significant trend.
The Quasimodo pattern is a signal for reversal opportunity, it indicates the momentum has switched.
The one we can see in the BTC/USD H1 chart is a bearish Quasimodo.
The fact that it formed when the price reaches a resistance zone make it a reliable Quasimodo.
We can see how the price creates a lower low after an uptrend where the price creates a higher low.
The price dropped from the supply above which is the last high of the recent uptrend.
For now, it seems that the price on its way to reaching the demand below.
The fresh supply above which is the Quasimodo level is where I’ll sell BTC/USD.
The target for this sell position will be the demand below.
This demand is also a great level for a buy position.
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