Ascending triangle with rising baseline | Short-term bullish
As I had stated before a short term ascending triangle has formed and looks dominate. It could be a strong bottom argument. Only time will tell.
The ascending triangle as in all triangle patterns can be used as trend
reversals. It must be noted that the ascending triangle must form at a
key level of support or resistance, I like to use double tops or bottoms.
This pattern forms as price pushes into support or resistance and then
consolidates making equal highs and higher lows forming the ascending
triangle, Once price breaks the pattern conforming the reversal, I personally
always wait for a pullback to the previous highs or lows to see if price will
be resisted or supported before taking a reversal trade. There are different
methods Like Fibonacci Retracements to find targets after a confirmed
reversol but I will lay out the conventional way which is the Distance
Between The Mouth Of The Triangle Added To The Breakout.
The ascending triangle as in all triangle patterns can be used as trend
reversals. It must be noted that the ascending triangle must form at a
key level of support or resistance, I like to use double tops or bottoms.
This pattern forms as price pushes into support or resistance and then
consolidates making equal highs and higher lows forming the ascending
triangle, Once price breaks the pattern conforming the reversal, I personally
always wait for a pullback to the previous highs or lows to see if price will
be resisted or supported before taking a reversal trade. There are different
methods Like Fibonacci Retracements to find targets after a confirmed
reversol but I will lay out the conventional way which is the Distance
Between The Mouth Of The Triangle Added To The Breakout.
