What are the most popular special triangles used in cryptocurrency trading?

1 answers

• May 01, 2022 · 3 years ago
  Special triangles play a crucial role in cryptocurrency trading. The ascending triangle, descending triangle, and symmetrical triangle are the most popular ones. The ascending triangle is formed by a horizontal resistance line and an upward sloping support line. Traders often view this pattern as a bullish signal, anticipating a breakout to the upside. Conversely, the descending triangle is formed by a horizontal support line and a downward sloping resistance line. Traders interpret this pattern as a bearish signal, expecting a breakdown to the downside. The symmetrical triangle, with converging trend lines, indicates a period of consolidation. Traders utilize these special triangles to identify potential entry and exit points, as well as to set stop-loss and take-profit levels.
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