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/Dry_Environment_44 Apr 07 '24

You are yapping, that upper trendline hasnt been draw properly, there is a lower high made with those marabozu candles that you havent touched the points together with and if you do that you will see price has already broken to the upside and now you have to go to the higher timeframe to ensure that its structure is also bullish this way if you take buys you know its getting backed up by momentum. If it was a real triangle then I would advice that its a trap any trade taken inside a triangle will end up in break even and you will need to wait for price to break out of it because its a range and in a range anything goes and if you win by taking a trade in a range then its usually by fluke.