Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
⋅
BTCU Forming Ascending Triangle
An ascending triangle falls into the bilateral patterns group.
Bilateral chart patterns are a a little tricky because these signal that the price can move either way. To play these chart patterns, you should consider both upside or downside breakout scenarios.
One way to play this is to place one order on top of the and another at the bottom of the formation. If one order gets triggered, you can cancel the other one.
The only problem is that you could catch a false break if you set your entry orders too close to the top or bottom of the formation. Place your stops accordingly.