What are ascending triangles?

There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation. Because of its shape, the pattern can also be referred to as a right-angle triangle.

Is a rising triangle a reversal pattern?

A rising triangle is not a very common pattern in technical analysis. Like the “descending triangle” pattern, the ascending triangle cannot be attributed to either reversal patterns or trend continuation patterns; an ascending triangle is a growth pattern.

What is the difference between rising wedge and ascending triangle?

Rising wedge and ascending triangle are quite popular price action trading patterns. A rising wedge is a reversal pattern while ascending triangle is a continuation pattern. The major difference between the two patterns is that ascending triangle has a horizontal resistance line.

Is the ascending triangle a bullish breakout?

The ascending triangle is typically thought of as a consolidation or continuation pattern. That means that prices are likely to exit the pattern in the same direction they entered; therefore, a bullish breakout is likely.