[Osage Orange]

Guess I'm an idiot.....

LOL...

You can go on..and believe what you believe.

I know S & R very well...And it works...

Don't know anything about BitCoin.

[ConservativeInPA]

A lot of the most widely used technical analysis tools work until they don't. Price action, S & R, candle patterns and technical analysis indicators with their origins 30 years and older do not consistently work with crypto currencies or forex. (By the way, crypto and forex need to be traded differently than each other). Supply & demand, over sold/under bought, picking bottoms & tops do not work in these markets other than by luck.

The notion that the next price support is at $10k is a figment of imagination. There are no rules to drawing S&R lines. Everyone draws them differently. They only work if enough people collectively believe that there is something magical at a given price, and only then the line is to be broken.

You can stare at a chart all day and watch price approach and bounce off lines. Sometimes price goes right through. Other times it bounces twice and then goes through. And then other times it bounces three times and goes through. And other times the line holds - until sometime later in the future.

Fundamental analysis doesn't have anything to do with crypto, and only in the very long run in forex. These markets are manipulated by institutional traders (big banks). The key to consistently winning in these markets is to understand how big banks trade and to develop strategies that leverage that understanding. They regularly screw small traders, particularly in lower timeframes (anything less than daily charts).