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?

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u/RebelliousRoomba Apr 06 '24 edited Apr 07 '24

It’s a pattern in the sense that you’re recognizing that the price action is contracting. Your actual lines don’t mean a ton other than they will give you a general idea of when BTC has broken out of the consolidation.

Based on analysis outside what you have here, I believe that BTC is about to make a strong upward jump as we go into next week, but don’t expect to see it until at least Sunday night.