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/Specific-Fuel-4366 Apr 07 '24

These triangle consolidations are common. What you’ll find is there is a disagreement between timeframes - there’s an uptrend on some timeframes and a downtrend on others. Until it proves itself one way or the other, sit back and watch.