Today, I dedicated my time to practicing the drawing of support and resistance levels, as well as trend lines on TradingView for various cryptocurrencies. Here are my key takeaways:
Resistance: I’ve learned that resistance occurs when sellers push the price up, followed by a subsequent downturn. This bouncing pattern can occur repeatedly, and a breakout above this resistance can signal the start of a bullish trend.
Support: In contrast, support is established when sellers pull the price down, but at some point, buyers intervene to prevent further declines and stabilize the price. A breakdown below this support level may lead to a bearish trend.
Trend Lines (Bullish/Bearish): Trend lines are essential tools that help identify potential trend changes, such as transitions from bearish to bullish markets.
This practice has significantly enhanced my technical analysis abilities and improved my understanding of market behavior. I’m excited to apply these concepts as I continue my journey in crypto trading!
#CryptoEducation #TechnicalAnalysis_Tickeron #TradingView #CryptoTrading