What are the potential price targets when an ascending pennant pattern forms in a cryptocurrency?

3 answers

• PraneetAug 03, 2024 · a year ago
  When an ascending pennant pattern forms in a cryptocurrency, it typically indicates a continuation of the previous uptrend. The pattern consists of a series of higher highs and higher lows, forming a triangle shape. The price targets can be estimated by measuring the height of the pennant and projecting it upwards from the breakout point. Traders often use this pattern to set profit targets or identify potential resistance levels.
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• Elton CorrêaMay 14, 2022 · 3 years ago
  So, when you see an ascending pennant pattern in a cryptocurrency, it's like a bull flag on steroids. The price targets are usually determined by measuring the distance from the start of the pennant to the highest point of the pattern, and then adding that distance to the breakout point. This gives you an idea of how high the price could potentially go. But remember, patterns are not guarantees, they are just probabilities. So always use other indicators and do your own research before making any trading decisions.
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• ilovemathSep 06, 2024 · a year ago
  According to BYDFi, an ascending pennant pattern in a cryptocurrency can be a strong bullish signal. The price targets are often set by measuring the height of the pennant and adding it to the breakout point. This gives traders an idea of where the price could potentially reach. However, it's important to note that patterns alone are not enough to make trading decisions. It's always recommended to use other technical analysis tools and indicators to confirm the pattern and assess the overall market conditions.
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