Hello Chart Friends,
On the 4 hour chart i see a ascending triangle pattern. We have multiple touches on the support and resistance line of that pattern. A ascending triangle is mostly bullish and normally occur as a continuation pattern in a uptrend. This time it's different. Can it be a trend reversal ? If this pattern plays out than i expect the price to break resistance on the next attempt because the price range is getting smaller.
If the price close below the support line on a longer time frame this pattern may not be valid.
It's important to add stop losses because anything can happen.
I'm new to TA and would like to hear opinions from experienced traders.
This is not a financial advice at all :)
On the 4 hour chart i see a ascending triangle pattern. We have multiple touches on the support and resistance line of that pattern. A ascending triangle is mostly bullish and normally occur as a continuation pattern in a uptrend. This time it's different. Can it be a trend reversal ? If this pattern plays out than i expect the price to break resistance on the next attempt because the price range is getting smaller.
If the price close below the support line on a longer time frame this pattern may not be valid.
It's important to add stop losses because anything can happen.
I'm new to TA and would like to hear opinions from experienced traders.
This is not a financial advice at all :)