The Descending Triangle is a pattern in technical analysis used to analyze financial markets. This pattern consists of a horizontal line that represents support at a certain price level, and a slanted line that represents a descending resistance level. Once the support line is broken, a downward price movement can occur.
The Descending Triangle can be used in analyzing stocks, currencies, and commodities. Traders use this pattern to predict the direction that the price may follow, as well as to identify important support and resistance levels that traders can trade on. It can also be used to determine entry and exit points, as well as to set stop loss and limit order settings.
"We notice that Ethereum forms a descending triangle, and three waves have formed, and it is possible that the other two waves will form (especially now that we have a head and shoulders) targeting $1300."