📜 What are the different types of triangle patterns in technical analysis?

In technical analysis, triangle patterns are a common tool used to identify potential price movements. There are three main types of triangle patterns:

1. **Symmetrical Triangle**: This pattern forms when two converging trendlines, both sloping either upwards or downwards, meet at a point, creating a triangular shape. Symmetrical triangles indicate a period of consolidation, and a breakout in either direction can signal a continuation of the underlying trend.
2. **Ascending Triangle**: Also known as a bullish triangle, this pattern is formed by a horizontal upper trendline and a rising lower trendline. It typically suggests a potential continuation of an uptrend, and a breakout above the upper trendline can confirm this expectation.
3. **Descending Triangle**: The opposite of an ascending triangle, a descending triangle features a downward-sloping upper trendline and a horizontal lower trendline. It can indicate a potential continuation of a downtrend, and a breakout below the lower trendline can confirm this expectation.

Each of these triangle patterns provides traders with insights into potential future price movements, allowing them to make informed decisions about when to enter or exit positions. It's important for traders to recognize these patterns and consider them alongside other technical analysis tools to improve their trading strategies.