Whether it is moving averages, Fibonacci retracement percentages, or any other indicators that generate lines, none can solely represent support and resistance. This is because the market is unaware of these lines and does not care how you draw them. The market will not pay attention to what you think in your mind, how your trading system works, or how many indicators you have.

What truly plays the role of support and resistance is the volume. Volume represents the amount of capital flowing into and out of the market, and its size reflects the confidence of the market.