What does this pattern mean?

lucacrebbe

Trader
Jun 26, 2017
72
0
22
39
behh.png

Can I ask you what does this pattern mean?
A friend of mine told me:
''I am a stocks trader, not a bitcoin trader but I have seen this pattern a lot of times in years of stocks trading, and this means up pump''

Was he trolling me? I am a newby, by looking at the chart I can' t see any indicator, he doesn't even utilize a candlestick graphic.

You are more experienced than me, maybe. Looking at this graph what could you assume?
Which kind of indicators are utilized here?
 

Enivid

Administrator
Staff member
Nov 30, 2008
12,269
482
114
Odessa
www.earnforex.com
This chart vaguely resembles a descending triangle pattern - a downtrend combined with a horizontal support. It does not use any indicators - it just a close line chart with volumes. I'd say that we could assume by looking at this chart that there is a strong support area near $3,800.
 

lucacrebbe

Trader
Jun 26, 2017
72
0
22
39
This chart vaguely resembles a descending triangle pattern - a downtrend combined with a horizontal support. It does not use any indicators - it just a close line chart with volumes. I'd say that we could assume by looking at this chart that there is a strong support area near $3,800.
As you can see, at the end of the graph the volume starts to pump, but it's ''red volume'' what that that mean?
 

Enivid

Administrator
Staff member
Nov 30, 2008
12,269
482
114
Odessa
www.earnforex.com
The "red volume" is just a normal volume histogram bar, which appears during a bearish candle. If the price rose for a period, the volume bar is drawn green, if the price falls, the volume is drawn red.