What are some successful examples of trading ascending triangles in the world of cryptocurrencies?
Foged GuyDec 27, 2021 · 3 years ago1 answers
Can you provide some real-life examples of successful trades using ascending triangles in the cryptocurrency market? How did these trades play out and what were the key factors that contributed to their success?
1 answers
- Dec 27, 2021 · 3 years agoCertainly! One notable example of trading ascending triangles in the world of cryptocurrencies is the breakout of Ripple's ascending triangle pattern in 2017. Traders who identified this pattern and entered a long position at the breakout point were able to capitalize on the subsequent rally in Ripple's price. The key factors that contributed to the success of this trade were the well-defined resistance level, the increasing volume during the consolidation phase, and the overall market excitement surrounding Ripple at that time. However, it's important to mention that trading strategies should be based on thorough analysis and risk management, as not all ascending triangles lead to profitable trades. Always consider multiple factors and indicators before making any trading decisions.
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