📊 What Are Support and Resistance in Trading? | Support & Resistance
If you're new to the world of cryptocurrencies, one of the most important things to learn is support and resistance zones.
1. Support
A price zone where the price tends to stop falling and bounce back up due to increased demand.
2. Resistance
A price zone where the price tends to stop rising and fall due to increased selling pressure.
A simple example
If a coin $BTC bounces several times from a price of $70,000, this may be a support zone.
And if it struggles to break above $73,000, this may be a resistance zone.
Support and resistance do not guarantee a price bounce; the price can break through these zones at any time.
Tip: Don't rely on support and resistance alone when making trading decisions.
Do you prefer buying at support or waiting for a resistance breakout?
Note: Keep an eye on coin $ONE . It's on the verge of a strong rise, but the entry signal hasn't appeared yet. I'll post for you when it does.
#BinanceSquare #cryptoeducation #Trading #bitcoin
If you're new to the world of cryptocurrencies, one of the most important things to learn is support and resistance zones.
1. Support
A price zone where the price tends to stop falling and bounce back up due to increased demand.
2. Resistance
A price zone where the price tends to stop rising and fall due to increased selling pressure.
A simple example
If a coin $BTC bounces several times from a price of $70,000, this may be a support zone.
And if it struggles to break above $73,000, this may be a resistance zone.
Support and resistance do not guarantee a price bounce; the price can break through these zones at any time.
Tip: Don't rely on support and resistance alone when making trading decisions.
Do you prefer buying at support or waiting for a resistance breakout?
Note: Keep an eye on coin $ONE . It's on the verge of a strong rise, but the entry signal hasn't appeared yet. I'll post for you when it does.
#BinanceSquare #cryptoeducation #Trading #bitcoin
