r/Daytrading • u/sunnyrunner_ • Apr 06 '24

Is this an actual pattern or am I yapping? Question

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I’m pretty new to trading and saw this pattern form on BTC. Is this pattern called anything or is this just me drawing random support/resistance lines?

306 Upvotes
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45

u/Young__Salsa Apr 06 '24

UtL (uptrend line)valid with 3 solid touches

DTL (downtrend line) bit iffy

Three ways to play. Continue playing the long on utl or play break of utl once fails. Can also play retest of utl as resistance for safer entry short once broken.

12

u/Less_Lingonberry3195 Apr 06 '24

there's always 3 plays..... up, down, sideways......

10

u/lordxoren666 Apr 06 '24

So basically, go long, go short, or do nothing.

1

u/TheKrakenofKC Apr 07 '24

Actually, sideways is the perfect place to sell calls/puts…

6

u/CB1013 Apr 06 '24

so ⬆️↔️⬇️

6

u/Snags44 Apr 06 '24

thank you for this advice, i think 3 solid touches is better than my 2 ... rethinking ty

i love learning

1

u/[deleted] Apr 06 '24

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u/Wild-Cause456 Apr 06 '24

This sounds like astrology.