NEAR Protocol (NEARUSDT) is trending right now!

Rank: #23

** Hello crypto traders! 👋 Today, I prepared a practical guide on how to identify support and resistance levels, one of the fundamental concepts in technical analysis. 📊 **Step 1: What Are Support and Resistance? 🤔** Support is a level that prevents an asset’s price from falling further. 📉 When the price reaches this level, it usually rises. Resistance, on the other hand, is a level that prevents an asset’s price from rising. 🚀 When the price reaches this level, it usually falls. **Step 2: Do Chart Analysis 📈** For example, let’s take the pair. 📊 In the chart below, we can see a consolidation period in the 1-hour timeframe. **Step 3: Identify Support Levels 🔍** On the chart, we see that the 86200 level is a support level. 📊 Because when the price reaches this level, it rises. Another support level is at 86050. 📉 **Step 4: Identify Resistance Levels 🔝** On the chart, we see that the 86400 level is a resistance level. 🚀 Because when the price reaches this level, it falls. Another resistance level is at 86550. 📈 **Step 5: Practical Application Suggestions 💡** * You can buy at support levels or set a stop-loss