Ascending triangle is indeed bearish formation, when price is making lower lows, but keeps bouncing from support line, which in our case is the long-term support from 2017 – start of bull run.
Now most of the time, the price will eventually break the support line and continue to fall, however, in some cases, the support line will be too strong, and the price will bounce off of it and make a strong move up. After the upside breakout, it will proceed to surge higher, by around the same vertical distance as the height of the triangle. The same pattern we witnessed in 2017 when XRP made ATH. As we are getting closer to the edge of triangle, we will soon witness make or break point. I’m guessing that bulls are a bit stronger on this level and price will eventually move higher.
Now most of the time, the price will eventually break the support line and continue to fall, however, in some cases, the support line will be too strong, and the price will bounce off of it and make a strong move up. After the upside breakout, it will proceed to surge higher, by around the same vertical distance as the height of the triangle. The same pattern we witnessed in 2017 when XRP made ATH. As we are getting closer to the edge of triangle, we will soon witness make or break point. I’m guessing that bulls are a bit stronger on this level and price will eventually move higher.
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