My Trader Diary (Day 5): Analyzing the Drop of Bitcoin and the Support at $112k

Hello, #BinanceSquare community! 👋

I decided to create this diary to document my learning process as a beginner trader, operating with an initial capital of only $20.

My Current Chart Reading:

🛰️ 4h Chart (The Main Trend): The "satellite view" still shows a larger downtrend, but the price is reaching an important support zone.

🗺️ 1h Chart (Today's Range): The "map" for today shows that we are at the bottom of a well-defined trading "box", between the support at ~$112.8k and the resistance at ~$114.5k.

🔬 5m Chart (Immediate Action): The "magnifying glass" shows that the momentum is now bearish, which confirms that the price is really going to test the bottom of the "box".

🧲 Heatmaps (Price Magnets): The Coinglass charts confirm everything! They show that the next big "buyer wall" and "liquidity zone" is exactly in the range of $112,800 to $112,200. That’s where the price seems to be heading.

Putting all the pieces together, it looks like the price is falling to test a very strong support. If the buyers defend this region again, we could see a nice bounce (upward movement).

Based on this, my plan is as follows:

1. The Alert: I will set an Alert at $112,800.

2. The Confirmation: If the alert triggers, I will WATCH the 5-minute chart. I want to see signs that the drop is losing strength and that the buyers are reacting (green candles with long wicks at the bottom).

3. If the signals are good, my trade plan is:

Entry: Near $112,750.

Target (Profit): A little below the resistance, at $113,950.

Safety (Stop-Loss): A little below the bottom, at $112,400.

Remember, I am just sharing my learning journey, and this is not an investment recommendation!

What do you think? Do you believe that the support at $112.8k will hold the drop?

$BTC #Bitcoin #DayTrade #CoinglassData