By training your eye to identify these turning points and horizontal clusters in price movement, you can effectively identify potential support and resistance levels on any price chart. These levels are crucial for traders.

Decoding Chart Patterns in Binance: Support and Resistance... Your Gateway to Profit or Loss!"

Very important information you need to know

Support Point: It is a price level where we expect the downtrend to stop due to significant demand. Think of it as a "floor" from which the price rebounds upward. When the price reaches the support level, it often rises again.
Resistance Point: It is a price level where we expect the uptrend to stop due to significant supply (sellers). Think of it as a "ceiling" from which the price rebounds downward. When the price reaches the resistance level, it often declines again.
How to identify these points on the chart:

Look for "Turning Points":

For support: Note the lowest points that the price reached and then rebounded upward from. These low points often cluster around a specific price level.
For resistance: Note the highest points that the price reached and then rebounded downward from. These high points often cluster around a specific price level.

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