BLOCKV.. ASCENDING TRIANGLE FORMATION.
The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern. In fact, the ascending triangle performs best when the breakout is upward, especially in a bear market.
Price trend Can be any direction leading to the chart pattern. It has a Triangular shape. Prices move between two converging trendlines, while Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
On the crossing part,Price must cross the pattern from side to side, filling the triangle with price movement, not too many white space. Price must touch each trendline at least twice, forming distinct valleys and peaks.
The Volume Trends downward 77% of the time. Upward breakout 70% of the time and 61% of the way to the triangle apex (upward breakouts) and 62% of the way for downward breakouts.
TECHNICALS suggests that price is currently on the 24th day of consolidation in the triangle, and coming to an end to its consolidation. Currently bouncing at the 0.5fib retracement level. price will likely see a breakout in the coming week. When price breakout, it will likely retest the resistance before moving its targets. A buy signal will be given only when price close outside the triangle.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.