BTCUSD
Showing a Descending Triangle - Descending Triangle inside uptrend channel
Pattern has two touches in the upper trendline and another two in the horizontal one at the bottom.
Volume is descending during the triangle, so good signal. Would be better if volume would have been higher during breakout. Not neccesary condition anyway.
Price broke upper trendline, not big candle tough.
Price broke inside first 70% of pattern lenght, so we have another 30% free for a possible pullback re-test.
We use measure rule from high to bottom of the formation and use that measure to calculate TP from breaking point (TP2)
TP1 is 50% of the movement.
SL below pattern low
One price reach TP1, we move SL to 40% movement.
Ascending triangles with upward breakout in bull markets have the best numbers as average price rise is 47%, with 87% patterns meeting price target. They also have lowest break-even failure rate (7%). Average decline after trend ends is 37% so we can look for a sell setup once price reach a resistance zone and make a possible pullback to the ascending channel trendline
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I make a mistake thinking crypto follow same patterns aproach as shares and fx. Wont trade crypto with patterns again