Understanding Ethereum Cryptocurrency

Understanding Ethereum Cryptocurrency

Ethereum is a comparatively new cryptocurrency. It is also an open computing platform founded on blockchain technology. This allows developers to build and use decentralized applications. Similar to Bitcoin, Ethereum is a distributed public blockchain network. However, Bitcoin and Ethereum vary significantly in the purpose they serve. The Bitcoin blockchain essentially tracks who owns the digital currency (bitcoins), but the Ethereum blockchain runs the programming code of any decentralized application.

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The Flag Pattern

The Flag Pattern

Flags are chart patterns formed by price action, which is shown within a small rectangle or a parallelogram. These are typically small, indicating comparatively small risk and quick profits.

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The Butterfly Pattern

The Butterfly Pattern

The Butterfly Pattern is a unique 5-point extension pattern. Bryce Gilmore discovered it and Scott Carney further defined it. The structure has specific Fibonacci measurements for each point. It is important because it conventionally provides more favorable risk/reward ratios. The pattern can be found at significant tops and bottoms. Additionally, the failure of the pattern may mark a strong continuation move.

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