What are the key characteristics of an ascending pennant in the cryptocurrency market?

1 answers

• Dec 16, 2021 · 3 years ago
  An ascending pennant is a bullish continuation pattern that forms when there is a temporary pause in an uptrend. It is characterized by a series of higher lows and a contracting range, forming a triangular shape. This pattern signifies a period of consolidation before the price resumes its upward movement. Traders often look for a breakout above the upper trendline of the pennant as a signal to enter a long position. It's important to note that the volume tends to decrease during the formation of an ascending pennant, indicating a decrease in market activity. Overall, an ascending pennant suggests that the bulls are gaining strength and the uptrend is likely to continue. By the way, if you're interested in learning more about cryptocurrency trading, you should check out BYDFi, a leading cryptocurrency exchange that offers a wide range of trading options and advanced tools for traders.
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