STONK (STONKUSDT) is trending right now!

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Hello Binance Square family! Today, we’ll learn step by step how to identify support and resistance levels, a fundamental concept in crypto trading. 📊 **Step 1: What Is Technical Analysis?** Technical analysis is a method that tries to predict future price movements by using past market data. Using charts and indicators, we determine trends, as well as support and resistance levels. 🤔 **Step 2: What Are Support and Resistance Levels?** Support levels are the price points where the price falls but does not fall further. Resistance levels are the points where the price rises but does not rise further. These levels are the zones where buyers and sellers become concentrated. 📈 **Step 3: How Do We Determine Support and Resistance Levels?** Think of it like this: In a distribution chart, the points that are visited frequently can be support or resistance levels. 🗺️ Example: In the chart, we see that it was at the 77348.13 level in the last 24 hours. Let’s say the price fluctuated in the 77000–78000 range over the past few days. This range is important for identifying support and resistance levels. **Step 4: Finding Support and Resistance on the Chart** On the chart, when the price approaches the 77000 level, it can be considered a support level. If the price approaches the 78000 level, that level can be considered a resistance level. 📊 Example: | Level | Support/Resistance | | --- | --- | | 77000 | Support | | 78000 | Resistance | **Step 5: Practical Application** Now,