📊 Support & Resistance — A Very Important Concept in Trading!
If you are into trading, understanding Support & Resistance is very important. 👇
🟢 Support: A price level where the market may stop falling and potentially move upward again.
🔴 Resistance: A price level where the market may struggle to move higher and potentially move downward.
💡 Simple Example: Suppose BTC repeatedly reaches around $100,000 and then drops. In that case, $100,000 could act as a Resistance level.
Similarly, if BTC repeatedly reaches around $95,000 and bounces back up, $95,000 could act as a Support level.
⚠️ However, no Support or Resistance level is 100% guaranteed. Before taking a trade, it is better to confirm with Volume, Market Trend, and other indicators.
Which one do you use more? Support/Resistance or RSI? 👇
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