Yes – Ascending Triangles usually appear as a continuation pattern within an ongoing uptrend, but not always!  Sometimes they appear as reversal patterns at the end of a downtrend.

In any event, the underlying trader psychology is bullish – to wit, as sellers continue to cap price at the same level, buyers continue to step in at ever increasing prices – unwilling to let price to reach previous lows, leading to an eventual upside breakout.

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