Ascending Triangle is a Bullish Pattern and sometimes also act as Bilateral Pattern;
What is Bilateral Pattern : Bilateral Chart Patterns are triangular patterns; they signal either a continuarion or reversal of the current price movement, mainly it depends on how the price breaks the triangle pattern. There are three main types of Bilateral Chart Patterns; 1) Ascending Triangle, 2) Descending Triangle, 3) Symmetrical Triangle.
An Ascending Triangle can be easily identified if you see a rising lower trendline along with a flat resistance. Also ascending triangle have some shortcomings like it can occur false breakout and the price reverses. You need to see how strong the breakout was by looking at volume at the time of breakout and if the breakout is not strong enough you can exit the trade and before entering you need to manage risk accordingly.
interesting, although i don't see that much volume at the moment. What's your take on that? Investors are waiting for the corona crisis to subdue?
jollygreen
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If you are only talking about bullish ascending triangles then you are correct.
If you are relating this to the current Bitcoin market, you are wrong. Ascending triangles take on the trend they occur under. The current market is taking on a bearish ascending triangle. It COULD complete a trend reversal and turn into a bullish wave up, BUT we first need volume to show the reversal. Until then the trend is still bearish.
cliftrade.com/bitcoins-bearish-ascending-triangle-in-early-april-2020/
tapasdhanadana
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@jollygreen, I am not relating it to Bitcoin Market, it is an educational post only!
jollygreen
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@haquestockszone, Awesome! Your post does contain very helpful information on continuation patterns :). Nice work!
tapasdhanadana
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@jollygreen, Thanks for the site; really good one!