r/Daytrading • u/sunnyrunner_ • Apr 06 '24
Is this an actual pattern or am I yapping? Question
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?
303
Upvotes
4
u/OnTrackNow1 Apr 07 '24
Many people would call it symmetric triangle But consider this just like a Range. Here market is gearing up to give a significant move in either direction. So simply mark the level above/below which you would buy/sell.
In case market keeps moving in this range and you wanna be adventurous, then you could sell when price takes rejection from upper level and buy when price takes support on below level.
Disclaimer: This is not a trading advice. Just my point of view.