What are the common patterns to look for in triangle trading in the crypto market?

1 answers

• Pavani PallapuMay 16, 2021 · 4 years ago
  In triangle trading, it's important to understand the common patterns that can help identify potential trading opportunities. One popular pattern is the ascending triangle, which is formed by a horizontal resistance line and an upward sloping support line. This pattern suggests that the price is likely to break out to the upside, indicating a bullish signal. Another pattern is the descending triangle, which is formed by a horizontal support line and a downward sloping resistance line. This pattern suggests that the price is likely to break out to the downside, indicating a bearish signal. Lastly, there is the symmetrical triangle, which is formed by converging trendlines. This pattern suggests a period of consolidation before a potential breakout, making it important for traders to wait for confirmation before taking any trading positions. Overall, understanding these common patterns can help traders make more informed decisions when engaging in triangle trading in the crypto market.
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