|Event Date||Fri Mar 6 EST (almost 2 years ago)|
A triangle is a pattern that appears on a price chart including forex, cryptocurrency, oil and gas. Triangles develop in short term and long-term time frames and are created by drawing trendlines along a converging price range. ... Triangles are similar to wedges and pennants and can be powerful continuation or reversal patterns. Technical analysts see a breakout of a triangular pattern as either bullish or bearish.
A triangle pattern involves price moving into a tighter and tighter range as time progresses and provides a visual display of a tightly contested battle between buyers and sellers. Eventually one side is victorious and a strong move away from the pattern may occur. The triangle pattern is generally considered to be a “continuation pattern”, with the anticipation that price will resume moving in the direction it was headed prior to the pattern appearing. Often triangle patterns serve as a consolidation phase where price regains the strength it needs to proceed in its primary trend.
Director, Investors Trading Academy