And How To Set Target? Story: Mohd Javed November 30, 2022
The symmetrical triangle pattern is a continuation pattern that accelerates the prevailing trend movement.
This triangle pattern usually provides a short-break period after a drastic move.
Thus, the consolidation within this symmetrical triangle pattern allows the prices to stabilize before it resumes the original trend.
A candle closing beyond these trendlines will give an entry signal and encourage a directional rally on the respective side.
As per the technical setup, the target level of this pattern is calculated by measuring the distance between the initial high and low of the triangle.
The traders can use this method to predict the potential move and book target nearby at some important chart level.
Examples: The MANA/USDT pair resonated within a symmetrical triangle pattern from December end 2021 to early April 2022. Thus, on June 6, the coin price breached the support trendline and tumbled 73.63% lower to $0.06(September 2021 low).
