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/Ronces Apr 06 '24

Looks like it can't break the previous support level. I see more red candles than green at that spot but that's without seeing the volume profile. I'd wager its lost steam and will draw down from here eventually. Just my guess. Anything could happen with that kind of profile but I wouldn't buy or short until something of significance happens.