So recently BTC has had a hug run up tackling any and all resistance points that we could have thrown at it at first it looked like a typical BARR pattern and that we would come to revisit our lead in trend line but that's been shown not to happen after we saw price test the bump line and continue to hit it's previous recent high around $7500
Barr patterns usually only double the distance between a lead-in trend line and it's high but in some instances it can more than double even triple!
The fact that it managed to find support on the bump line does seem to add confidence that we don't have to worry about the run phase (yet) but it would send even more confidence if we can test that bump line again and invalidate the pattern for the most part before going up too much higher.
On the contrary we seem to be forming a possible 3 bar play through some resistance if we can close above that resistance through the momentum of the play we will probably cross the 8400 mark very quickly due to how speculative BTC can be after it crosses it's big resistance points.
I am a very new trader and don't have too much experience My trading account started at 300 dollars and i traded it to 400 dollars. i don't have much skin in the game but i am learning so dont take my observations to heart.
I just wanted to share what i think im seeing here with you guys in hopes of helping out.
Thanks for reading :p
Barr patterns usually only double the distance between a lead-in trend line and it's high but in some instances it can more than double even triple!
The fact that it managed to find support on the bump line does seem to add confidence that we don't have to worry about the run phase (yet) but it would send even more confidence if we can test that bump line again and invalidate the pattern for the most part before going up too much higher.
On the contrary we seem to be forming a possible 3 bar play through some resistance if we can close above that resistance through the momentum of the play we will probably cross the 8400 mark very quickly due to how speculative BTC can be after it crosses it's big resistance points.
I am a very new trader and don't have too much experience My trading account started at 300 dollars and i traded it to 400 dollars. i don't have much skin in the game but i am learning so dont take my observations to heart.
I just wanted to share what i think im seeing here with you guys in hopes of helping out.
Thanks for reading :p
