Ascending Support-Resistance Level
An ascending support level is formed by at least two higher lows which suggest that the amount of bearishness is weakening which supports a longer-term uptrend. This also points towards limited downside risk, as long as the ascending support level holds. An ascending resistance level emerges with at least two higher highs in price action and is often the result of a breakdown below an ascending support level which is turned into resistance.
A breakout above an ascending resistance level is not as relevant as a breakdown below an ascending support level; a breakdown below an ascending support level is often accompanied by a spike in trading volume which confirms the breakdown.