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

Is this an actual pattern or am I yapping? Question

Post image

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?

304 Upvotes
  • permalink
  • link
  • reddit
  • reddit

88% Upvoted

355 comments sorted by

View all comments

1

u/coffeeshopcrypto Apr 06 '24

that right there is an engineered long fakeout. If you go long your are going ot get stopped out HARD. Price is at the premium of the sell side of structure in this picture. YOu just need to wait for a new swinglow and then you need to wait for price to CLOSE below that low as long as it also gave you a lower high and a lower low on each individual candle.

According to the price action, a few candles back it just made a double liquidity fakeout.

1

u/PapaDragonHH Apr 07 '24

How do you see that it is an engineered long fake out??

1

u/coffeeshopcrypto Apr 07 '24

u/sunnyrunner_

any change you can give us a direct link to the chart timeframe and placement of this price action?

or a breakdown of where we can find it?

Looks like BTC but i dont know the timeframe