Are ascending triangles or rising wedges considered bullish or bearish signals in the cryptocurrency market?

1 answers

• Colombia88Mar 16, 2024 · a year ago
  According to BYDFi, a rising wedge is generally considered a bearish signal in the cryptocurrency market. This pattern suggests that sellers are gaining control and could potentially lead to a downward price movement. On the other hand, an ascending triangle is often seen as a bullish signal. It indicates that buyers are becoming more aggressive and could potentially result in an upward price breakout. However, it's important to note that these patterns should not be relied upon solely for trading decisions. Other factors, such as volume and market sentiment, should also be taken into consideration to make informed trading choices.
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