#BinanceTurns8
📈 Basics of Analysis and Trading for Beginners 🔍
Learn how to read the market in simple steps!
📊 1. What is support and resistance?
🟢 Support: It is the price at which the decline usually stops… it means buyers start buying at this level.
🔴 Resistance: It is the price that stops the rise… it means selling starts happening significantly.
↕️ If the price breaks through resistance = possibility of an increase
↕️ If it breaks support = possibility of a decrease
📌 Knowing these two levels helps you in:
– Knowing when to buy
– And when to sell or wait
🧩 2. How to read a currency chart quickly?
– Open the chart for any currency
– Change the time frame to 1 hour or 1 day depending on your style
– Observe the price movement, and whether there is an upward 📈 or downward 📉 trend
– Use candlestick charts to understand price movement more clearly
✅ Are there peaks and troughs?
✅ Is the price approaching a support or resistance area?
⏳ 3. The difference between day trading and long-term investing:
📅 Day Trading:
– Opening quick trades within the same day
– Requires real-time monitoring + technical knowledge
⚠️ It has high risks! Not suitable for beginners
📆 Long-term Investing:
– Buying a strong currency and holding it for months or years
– Less stressful, based on trust in the project
✅ Very suitable for beginners and those with a long-term perspective.