Support and resistance lines converge - is it a flag?
Hi guys!
I found an interesting pattern in Bitcoin right now. There is an ascending support line and descending resistance line. I've been trading on them successfully right now, placing buy orders on the low support line and sell orders on the top resistance line, and it worked! Those lines were able to predict them very precisely! So this is nice strategy that worked! Is it a good strategy overall? I want to know since I just started trading :-)
But now, those lines are going to converge! I suspect I've seen this pattern somewhere, but I don't remember where. Is it a bull or bear flag? Any directions are welcome.
Thanks and have a nice day!
Tomas
I found an interesting pattern in Bitcoin right now. There is an ascending support line and descending resistance line. I've been trading on them successfully right now, placing buy orders on the low support line and sell orders on the top resistance line, and it worked! Those lines were able to predict them very precisely! So this is nice strategy that worked! Is it a good strategy overall? I want to know since I just started trading :-)
But now, those lines are going to converge! I suspect I've seen this pattern somewhere, but I don't remember where. Is it a bull or bear flag? Any directions are welcome.
Thanks and have a nice day!
Tomas
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