XRP is about to go to the moon!
Ascending triangle is a chart pattern that signals a bullish uptrend. It is formed by a horizontal trend line that acts as resistance and an ascending trend line that acts as support.
The more we touch the resistance line, the higher the chance to break out of it. Also, the formation of higher lows even after previous rejections is a sign of strength, which indicates that the bulls keep pushing the price above resistance.
How to trade an ascending triangle pattern? Wait for a breakout of the horizontal trend line before entering long positions and it should be supported with significant volume. Otherwise, it may lead to a false breakout or a 'bull trap'.
A break below the ascending trend line signifies an invalidation of the pattern.
The more we touch the resistance line, the higher the chance to break out of it. Also, the formation of higher lows even after previous rejections is a sign of strength, which indicates that the bulls keep pushing the price above resistance.
How to trade an ascending triangle pattern? Wait for a breakout of the horizontal trend line before entering long positions and it should be supported with significant volume. Otherwise, it may lead to a false breakout or a 'bull trap'.
A break below the ascending trend line signifies an invalidation of the pattern.
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