How can I identify pennant formations in digital currency charts?

1 answers

• tridingMay 17, 2022 · 3 years ago
  Pennant formations in digital currency charts can be identified by looking for a period of consolidation where the price forms a symmetrical triangle pattern. This pattern is characterized by decreasing volume and narrowing price range. Once the price breaks out of the triangle pattern, it confirms the continuation of the previous trend. However, it's important to note that pennant formations are not always accurate and should be used in conjunction with other technical indicators and analysis. Keep in mind that different trading platforms may have different charting tools and indicators, so it's important to familiarize yourself with the specific tools available on the platform you are using.
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