What are some successful examples of trading descending triangles in the cryptocurrency market?

3 answers

• nethmini gamageAug 31, 2023 · 2 years ago
  Sure! One successful example of trading the descending triangle pattern in the cryptocurrency market is the BTC/USD pair on Binance. Traders identified the pattern by drawing trendlines connecting the lower highs and the horizontal support level. They waited for the price to break below the support level, confirming the pattern, and then entered short positions. They set their stop-loss orders just above the support level and targeted the projected distance from the top of the triangle to the support level as their take-profit level. This strategy allowed them to profit from the downward movement of the price after the breakout.
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• Sebastian HillSep 02, 2020 · 5 years ago
  Absolutely! Another successful example is the ETH/BTC pair on Coinbase. Traders spotted the descending triangle pattern by connecting the lower highs and the horizontal support level. They patiently waited for the price to break below the support level, indicating a potential downtrend. Once the breakout occurred, they entered short positions and placed their stop-loss orders slightly above the support level. They targeted the distance from the top of the triangle to the support level as their take-profit level. This approach helped them capitalize on the subsequent decline in price.
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• serenematDec 22, 2024 · 7 months ago
  Of course! Let me share an example of a successful trade using the descending triangle pattern in the cryptocurrency market. Traders observed the LTC/ETH pair on Binance and noticed the formation of a descending triangle pattern. They drew trendlines connecting the lower highs and the horizontal support level. When the price broke below the support level, they entered short positions and set their stop-loss orders slightly above the support level. They aimed for a profit target equal to the height of the triangle, projected from the breakout point. This strategy allowed them to take advantage of the downward movement in price following the breakout.
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