Binance price consolidated for several weeks after having a monster run in March and early April.
Part of that consolidation provided a classic W pattern. Many people look at this pattern when seeking bottoms, but there is no reason it can't come into play at highs.
Let me get a W!
You can see on the chart my loosely drawn W pattern. With the two pivot lows and the lower prior high.
When that last high was taken out that completed the pattern and along with that we also got a new all time closing high (assuming there isn't a sell off in the next 2 hours). The intraday high is still being flirted with.
The reason the W pattern is worth pointing out us because of the two pivot lows, which is basically a support point that is then tested and validated on the second occasion.
With this candle price is now looking to establish above the $600 level, should be interesting to see what price does after this candle closes above.
Posted Using LeoFinance Beta