An is the price action contained between upward sloping parallel lines. Higher highs and higher lows characterize this price pattern. Technical analysts construct an by drawing a lower that connects the swing lows, and an upper channel line that joins the swing highs. The pattern’s opposite counterpart is the .
Within an , price does not always remain entirely contained within the pattern’s parallel lines but instead shows areas of that traders can use to set stop-loss orders and profit targets. A breakout above an can signal a continuation of the move higher, while a breakdown below an can indicate a possible trend change.
Ascending channels show a clearly defined uptrend. Traders can swing trade between the pattern’s levels or trade in the direction of a breakout or breakdown.
Support and Resistance: Traders could open a long position when a stock's price reaches the ascending channel’s lower and exit the trade when price nears the upper channel line. A stop-loss order should be placed slightly below the lower to prevent losses if the security’s price abruptly reverses. Traders who use this strategy should ensure there is enough distance between the pattern’s parallel lines to set an adequate risk/reward ratio
here in Etheruim/USD i spotted the acceding channel and i believe that this patten gonna drive us to the upside soon
even we can breakout from it for continuation upward moves ..
breaking down this channel will be your stop loss ..
Targets set already on chart .. i believe we can touch the 217 as a mid term investment idea ,, 255$ and 300$ EOY
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and what you have seen in my chart is only my own opinion and not considered as financial advise
do your own research before investing in any cryptocurrency coins or stock market .