Descending triangle

What does that mean?

>>1966843
It means ones the price converges to the point (if it still follows the lower and upper lines), the price may break downwards. Here is a way better explanation:

http://www.investopedia.com/terms/d/descendingtriangle.asp

>>1966837
I saw a similar pic when PIVX went down from $1... so it does not matter....

>>1966837
buy bitbean

File: giphy (5).gif (461KB, 460x347px) Image search: [Google]

461KB, 460x347px

Lol TA

>>1966837
Yes, fellow TA analyst, a descending triangle (or just the descending trend line if you prefer) is a bullish continuation pattern. You may buy on breakout provided volume confirms.

>>1967304
Ah so I wait and see what happens, but this gives me a timeframe as to when to keep my eyes out?

>>1967315
No. It may breakout at any time. Just set an alarm for whenever it trades slightly above the price level of the descending trend line for that day. (since it is a descending line, this figure will become lower as time goes by).
Hope that makes sense.

>>1967319
So you mean I should try to sell then since according to this, a breakout to a lower support is due?

>>1967330
Not sure if stupid or trolling.

You don't know what side this will breakout to. If top, buy, if low, sell.

>>1967297
It may work for no other reason than traders who are familiar with them make decisions based on those trends, thereby in effect enforcing those patterns...a kind of self-fullfilling prophecy.

>>1967337
Neither, I linked to the article in a comment below says

"This is a very popular tool among traders because it clearly shows that the demand for an asset is weakening, and when the price breaks below the lower support, it is a clear indication that downside momentum is likely to continue or become stronger"

They claim to have a good guess where it will break out to (in this case, down). A triangle on the other hand (neither ascending nor descending) is when you don't know which side it will break out to. I am just trying to learn, but I guess we don't actually know just because we can draw something on a chart.

>>1967340
That's what was thinking, people hear other people believe these trends and then they start to use them etc. I just want other peoples thoughts on it is all.