here as to why it's such an important support line

Yoo thanks i closed my trade yest

cheers! #grateful

highlighted with a red circle to make it clearer

what happened here:

bulls tried to defend the support line with a hammer followed by doji

but the bears won eventually, leading to a candle close BELOW the support line 35238 and what happened next was as shared before

it triggered a huge sell off and the market went red

so if you shorted upon candle closure below support as i shared last night,

nice profits! :-)

#calls

i would think that a very good reason as to why bears were strong enough to be able to break the support is that

btc was able to close up above 35750 which is actually suppose to signify bullishness and an upward continuation

but the bears were able to still defend and drag it back down into range (unsure if it's organic or manipulation)

seeing this, retail investors and traders fomo-ed and shorted the market as well, seeing that btc does not have enough strength

more and more joined in as it kept going down and finally closed below the support line which triggered a further sell-off

just some thoughts!

will be observing for now as the market isn't stable yet

no trades

here's some navigation for the new people! :-)

please read the pinned message as well with disclaimers etc.

#tips - for tips on trading
#learn - for knowledge to be a better trader
#trades - for my trades (W - profit, L - loss)
#calls - for predictions
#analysis - for analysis of the market
#grateful - for the kind words i've heard from y'all :")

you can search these hashtags if you want to look back on key messages!

quick update:

was a fakeout as it failed the retest

back into the triangle

the red circle would be my point of interest

likely bounce from support + trendline

will be observing

do note the price 33785

btc is currently fighting in our demand zone

it'll be good confirmation if it breaks out either side of the zone

demand zone recap ^

it's a few messages so do scroll and read through

📈 POTENTIAL TRADE

placing a stop limit long order at 33760 which is actually 33785 on tradingview

(idk why tradingview prices abit off but chart movement is the same so did some zero error there)

if it does not trigger then no trade!

this can be risky, because if btc closes below the demand zone there's a high chance of continuous downward movement

but i'm betting on the bulls like me and you to defend it, hence bouncing off the 4h trendline + resistance!

still fighting in the demand zone currently,

no point trading here as you can see it's just moving sideways to figure which side to break out of

cancelling my open order here

adjusted the 4h triangle as i tried to chart the touchpoints more accurately

and now we actually see that btc wicked the 4h trendline before bouncing back up

respecting the symm triangle

here are the possibilities of a symmetrical triangle

#learn

if btc cannot print a lower low (LL), then this might be a point of change in the market structure

#analysis

market structure recap here!

do scroll down a bit

btc 15m tf

clear downtrend, creating Lower Highs (LH), Lower Lows (LL)

hence if a LL is not printed then we might see a reversal if not then choppy movement sideways

#learn

📈 TRADE ALERT

picking up some btc long at cmp here

super risky trade!!

reasons: failed to break support but closed just above it,
couldn't close a LL - possible change in market structure,
nice RR

#trades W