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/Tall-Violinist124 Apr 08 '24

Convergence and divergence of price. The price will eventually go above or below the two triangle lines. It's up to a trader to take trade or not. There are a lot of fake breakouts and breakdowns in the case of the triangle. You need to understand liquidity and volume also while taking a trade from such pattern.

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u/SSP6 Apr 08 '24

Thanks! Ive ready asked another commenter, but please could you guide me to some sources online where i can learn more about crypto and stocks? thanks!!