Binance Price Breaks to New Highs After Completing W Pattern

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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!


New highs...

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.

Looking ahead...

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