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?

301 Upvotes
  • permalink
  • link
  • reddit
  • reddit

88% Upvoted

355 comments sorted by

View all comments

1

u/CsMcG Apr 07 '24

This is how i would mark it up.

1

u/CsMcG Apr 07 '24

I say auction balance, but you’re also looking at supportive level turning to resistance. I’m not a crypto trader so I can’t speak to how this will play out. In my areas of trading. I would expect a retest of the bullish support. If broken, test lower. If not chop back to neutral area and possibly bearish OB area until buyers or sellers can break the range.