#ResistanceBreak #support
Hi guys today I will tell you about resistance level and support level in binance . learn it carefully as it is important to invest on the right time.And I will also use these terms in my posts
let's start
In cryptocurrency trading, such as on Binance, support levels and resistance levels are key concepts used in technical analysis to predict potential price movements.
1. Support Level:
A support level is the price level at which a cryptocurrency tends to find buying interest, preventing the price from falling further. It’s like a "floor" where demand for the asset is strong enough to stop the price from declining below that point. If the price reaches this level and bounces back up, it is considered a strong support.
2. Resistance Level:
A resistance level is the price point at which selling interest becomes strong enough to prevent the price from rising higher. It's like a "ceiling" where there is enough supply to push the price back down. If the price reaches this level and fails to break through, it’s seen as a resistance point.
Traders use these levels to make decisions on when to buy (near support) or sell (near resistance). If the price breaks through either a support or resistance level, it may signal a new trend forming.
