đ Crypto Basics: Support & Resistance
Understanding Support & Resistance is one of the most important skills in trading.
đč Support = a price level where buyers step in, preventing further decline. Think of it as the floor đ where price bounces back up.
đč Resistance = a price level where sellers dominate, stopping the rise. Think of it as the ceiling đą where price often gets rejected.
đĄ Example:
If BTC is trading near $118K, then $115K might act as support while $120K could act as resistance.
Traders use these levels to:
âïž Enter trades near support
âïž Take profit near resistance
âïž Avoid buying at the top or selling at the bottom
đ Question for you: Do you trade based on support & resistance, or do you prefer indicators like RSI/MACD?
#CryptoEducation #TradingTips #Bitcoin
Understanding Support & Resistance is one of the most important skills in trading.
đč Support = a price level where buyers step in, preventing further decline. Think of it as the floor đ where price bounces back up.
đč Resistance = a price level where sellers dominate, stopping the rise. Think of it as the ceiling đą where price often gets rejected.
đĄ Example:
If BTC is trading near $118K, then $115K might act as support while $120K could act as resistance.
Traders use these levels to:
âïž Enter trades near support
âïž Take profit near resistance
âïž Avoid buying at the top or selling at the bottom
đ Question for you: Do you trade based on support & resistance, or do you prefer indicators like RSI/MACD?
#CryptoEducation #TradingTips #Bitcoin