What are Support and Resistance in crypto? 🧐
Support and resistance are two important concepts when reading a price chart.
🟢 Support = an area where buying interest may appear and help prevent the price from falling further.
🔴 Resistance = an area where selling interest may appear and make it harder for the price to rise.
For example, if $BTC repeatedly reacts around a similar price level, traders may watch that area as potential support or resistance.
But remember: these are zones, not guaranteed price levels. A strong move can break through either one.
Do you use support and resistance when analyzing a crypto chart? 👇
#Crypto #BTC #Trading #BinanceSquare
Support and resistance are two important concepts when reading a price chart.
🟢 Support = an area where buying interest may appear and help prevent the price from falling further.
🔴 Resistance = an area where selling interest may appear and make it harder for the price to rise.
For example, if $BTC repeatedly reacts around a similar price level, traders may watch that area as potential support or resistance.
But remember: these are zones, not guaranteed price levels. A strong move can break through either one.
Do you use support and resistance when analyzing a crypto chart? 👇
#Crypto #BTC #Trading #BinanceSquare
