#BinancePick 🚀 Lesson Nine: Support and Resistance – How to Identify Buying and Selling Zones?
🇾🇪 Welcome to Yemen Crypto2
Have you noticed that a coin’s price sometimes rises from a certain area and falls when it reaches another area?
In technical analysis, these areas are known as support and resistance. Today, we’ll learn how to identify and make use of them.
📊 First: What is support?
It is a price area where buying demand appears, which may help stop a decline or cause the price to rebound upward.
Example: If Bitcoin’s price falls several times to the $90,000 area and then rebounds, this area may be a support zone.
🛑 Second: What is resistance?
It is a price area where selling pressure appears, which may help stop a rise or push the price downward.
Example: If Bitcoin’s price reaches $100,000 several times and then pulls back, this area may be a resistance zone.
📌 Third: How do we identify support and resistance?
1️⃣ Open the coin’s chart on Binance.
2️⃣ Choose a suitable time frame, such as 4 hours or 1 day.
3️⃣ Look for areas from which the price has rebounded more than once.
4️⃣ Draw support zones below the price movement.
5️⃣ Draw resistance zones above the price movement.
6️⃣ Watch the price action as it approaches these areas.
📈 Fourth: What is a resistance breakout?
.
#Binance #Support #Resistance
#Trading
$BTC
🇾🇪 Welcome to Yemen Crypto2
Have you noticed that a coin’s price sometimes rises from a certain area and falls when it reaches another area?
In technical analysis, these areas are known as support and resistance. Today, we’ll learn how to identify and make use of them.
📊 First: What is support?
It is a price area where buying demand appears, which may help stop a decline or cause the price to rebound upward.
Example: If Bitcoin’s price falls several times to the $90,000 area and then rebounds, this area may be a support zone.
🛑 Second: What is resistance?
It is a price area where selling pressure appears, which may help stop a rise or push the price downward.
Example: If Bitcoin’s price reaches $100,000 several times and then pulls back, this area may be a resistance zone.
📌 Third: How do we identify support and resistance?
1️⃣ Open the coin’s chart on Binance.
2️⃣ Choose a suitable time frame, such as 4 hours or 1 day.
3️⃣ Look for areas from which the price has rebounded more than once.
4️⃣ Draw support zones below the price movement.
5️⃣ Draw resistance zones above the price movement.
6️⃣ Watch the price action as it approaches these areas.
📈 Fourth: What is a resistance breakout?
.
#Binance #Support #Resistance
#Trading
$BTC
