Ascending Triangle

A chart pattern drawn by a series of higher lows and upper resistance level is called an ascending triangle.
The following two lines represent the ascending triangle:
A horizontal resistance line running through peaks.
An uptrend line is drawn through the bottoms.
For the identification of same trendline two bottoms will be sufficient otherwise in case of having more bottoms it will be more favorable.
If price raises, a resistance occurs in it and profits may start reducing.
The later decrease in price is less as compared to previous decrease and it shows the series of higher lows.
The top line will occur straight whereas the bottom line will go upper at an angle, if a line is drawn above and below the pattern.

Ascending Triangle

The price becomes stable and moves towards the upper trend in higher lows as it shows that market is receiving more buyers gradually and as a result the pressure of buying increases.
Prices are stabilizing with increasing bias, so traders should keep an eye on breakouts coming through resistance levels.
It will be a support level of price if price can break through a resistance level.
Breakout can be based on technical analysis and / or due to the flow of news, so it's important to consider the basics and market sentiment when using this pattern.
Must consider the fakeouts (false breakouts), they might be easily confused with the true ones when, in fact, the price is going to retreat back into the triangle.
An ascending triangle is classified as a continuation chart pattern.
Continuation of an existing trend may be reason for the continuity of patterns.
Continuation patterns also comprise of symmetrical triangles, descending triangle, wedges, flags, rectangles, and pennants.
The possibility of exceptions is more as an ascending triangle is a bullish continuation pattern. It not frequently considers the development of downtrend situations.
The ascending triangle is expected to behave like a reversal pattern, if appears in the downtrend.
Breakouts can also happen in both directions. Statistically, upward breakouts are more likely to occur, but downward ones seem to be more reliable.
The majority of breakouts of either direction are observed in the second half of the pattern formation distance.



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