Descending triangle - Breaish or bullish?
Hey guys,
as you can see, there's a clear descending triangle on the chart. What does it mean? Well, it's the end of the former uptrend, for now. In the literature, I found this quote, which fits perfect to the current situation.
"There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. "
How to determine a target price? Simply take the widest distance within the triangle and project it into the future from the triangles breakout point. Due to the fact, that I have no clear breakout point yet, I took the current price level to set my prediction. That could vary a bit based on the breakout point.
If you would like to see more prediction like this one, make sure you follow me on twitter, medium or cryptomus:
- Twitter: twitter.com/paaax2k13
- Cryptomus: cryptomus.com/profile/2258/paaax
- Medium: medium.com/@paaax2k13
as you can see, there's a clear descending triangle on the chart. What does it mean? Well, it's the end of the former uptrend, for now. In the literature, I found this quote, which fits perfect to the current situation.
"There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. "
How to determine a target price? Simply take the widest distance within the triangle and project it into the future from the triangles breakout point. Due to the fact, that I have no clear breakout point yet, I took the current price level to set my prediction. That could vary a bit based on the breakout point.
If you would like to see more prediction like this one, make sure you follow me on twitter, medium or cryptomus:
- Twitter: twitter.com/paaax2k13
- Cryptomus: cryptomus.com/profile/2258/paaax
- Medium: medium.com/@paaax2k13
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💰Save $30 on your Tradingview subscription: bit.ly/3OtLyNz
🔓Indicator access: dize-trading.de/
🔒Trial access: discord.gg/DqwKjBZ8Qe
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