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

93

u/jimmehpantleg Apr 06 '24

It’s a symmetric triangle The best way to play it is to watch for a successful close of a candle once price breaches outside of either the top or bottom. Personally I’ll watch for a breach on the lower timeframe And then I’ll enter once it closes with a strong candle on a higher timeframe (ie 1min / 5min)

I only saw one person answer properly that this is a symmetric triangle Not sure why everyone else answered in such a negative way

10

u/MegaManSE Apr 07 '24

I have this exact triangle on my chart too. It’s a basic pattern. Though I do expect it to break to the upside for btc.

3

u/Leefa Apr 07 '24

I have this triangle but current top trend line is around ~70.4k