.. earlier I made a post suspecting that the current pattern was a Bull Flag (I mistakenly labelled it as a Bull Pennant), which has a 67% reliability.
Then as the last 2 hours played out, I thought it may actually be a rising wedge instead. Then as you can see in the current hour the breakout was rejected so I don't think the Bull Flag is valid any more. Typically you don't want to go over 20 bars for a valid Bull Flag.
That small little breakout however makes it NOT an ascending channel, so we're back into thinking that this could be a rising wedge? There is decreasing volume, so it meets the criteria for a rising wedge.
Maybe this red hourly candle will reverse and it will still be a breakout of a Bull Flag?
I think this goes to show that day trading BTC is very very tough. I am pretty successful in medium/long term trading, but find day trading super tough. I will observe the price patterns over the next few hours to learn from this experience.
Then as the last 2 hours played out, I thought it may actually be a rising wedge instead. Then as you can see in the current hour the breakout was rejected so I don't think the Bull Flag is valid any more. Typically you don't want to go over 20 bars for a valid Bull Flag.
That small little breakout however makes it NOT an ascending channel, so we're back into thinking that this could be a rising wedge? There is decreasing volume, so it meets the criteria for a rising wedge.
Maybe this red hourly candle will reverse and it will still be a breakout of a Bull Flag?
I think this goes to show that day trading BTC is very very tough. I am pretty successful in medium/long term trading, but find day trading super tough. I will observe the price patterns over the next few hours to learn from this experience.