THE ASCENDING TRIANGLE CHART PATTERN
The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern.
Price trend can be any direction leading to the chart pattern.
It is triangular in shape. Prices move between two converging trendlines. Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward. Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch each trendline at least twice, forming distinct valleys and peaks.
Volume trends downward 77% of the time.
Breakout upward 70% of the time and 61% of the way to the triangle apex (upward breakouts) after the breakout has been confirmed.
VERDICT:
BUY:$146
SELL:$153 up to $167
STOP LOSS:$130
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern.
Price trend can be any direction leading to the chart pattern.
It is triangular in shape. Prices move between two converging trendlines. Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward. Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch each trendline at least twice, forming distinct valleys and peaks.
Volume trends downward 77% of the time.
Breakout upward 70% of the time and 61% of the way to the triangle apex (upward breakouts) after the breakout has been confirmed.
VERDICT:
BUY:$146
SELL:$153 up to $167
STOP LOSS:$130
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.