Topic: Resistance and the support point (Read 148 times)
I guess the strong support level of Bitcoin is approximately $7000, because the famous large investor has entered the crypto-exchange markets a few months ago when the price of BTC was on this level. The nearest support level is $7500. The resistance level is still $10000, because Bitcoin failed to transcend this marker. I think the next pumping will overcome the resistance level.
Technical trader has no problem determining about the resistance and support area. But how did they able to know that this is the resistance point and this is the support. I am a trader but I am not a technical trader. What specific signal or volume or etc to know it is that and that?
The price movements and the candle stick. If the pricr hits the top for at least 3 consecutive attempt to break it then you can consider it as a resistance, and its the same concept with the support level. This can be easily seen if you look at the price but it hard to do it in short term.
Technical trader has no problem determining about the resistance and support area. But how did they able to know that this is the resistance point and this is the support. I am a trader but I am not a technical trader. What specific signal or volume or etc to know it is that and that?
Support levels are when the price is going down but is supported by a buy wall so it doesn't go down any further. Resistance is when the market is pushing up but the sell wall is resisting a price rise.
The very basic principle of support and resistance is easy to understand.
Just zoom out a bit and look for levels where the value has struggled to get past or bounced off from.
This is the most basic determination of support and resistance.
Other values can be determined with fibonacci lines or SMA/EMA lines.
Just zoom out a bit and look for levels where the value has struggled to get past or bounced off from.
This is the most basic determination of support and resistance.
Other values can be determined with fibonacci lines or SMA/EMA lines.
Technical trader has no problem determining about the resistance and support area. But how did they able to know that this is the resistance point and this is the support. I am a trader but I am not a technical trader. What specific signal or volume or etc to know it is that and that?
You may refer to this video regarding determining the resistance and support area. https://www.youtube.com/watch?v=DfNYmXkCfOs
I really confuse in your post how come you become a trader if you don’t know the technical analysis. I suggest you to take time to study TA because although it is not hundred percent correct but at least you have basis on your decision.
To determining support and resistance area in my opinion we can make it by take alook candlestick of the chart, also we have to see history of price pattern in the pass. There are some category for candlestick and price pattern, like bullish and bearish engulfing, double top and double bottom and many more. There are alot category of technical analysis, and this is will help to determine support and resistance area. Technical analysis is basic of trading so my opinion all trader should be understand it.
That's good to do basic analysis so that the trader may gather enough and reliable information in order to have firm knowledge on how to do successful trading. Those ways is nothing if ever a trader couldn't follow those basics, because sometime being too confident with a certain idea can cause you failures. So we really need to have the strong resistance and support basis to fulfill what's the best option to have.
To determining support and resistance area in my opinion we can make it by take alook candlestick of the chart, also we have to see history of price pattern in the pass. There are some category for candlestick and price pattern, like bullish and bearish engulfing, double top and double bottom and many more. There are alot category of technical analysis, and this is will help to determine support and resistance area. Technical analysis is basic of trading so my opinion all trader should be understand it.
Technical trader has no problem determining about the resistance and support area.
I will not comment on forex, but in the crypto world this is more evident than many technical analyzes, many predictions do not materialize, these analyzes constantly fail
But how did they able to know that this is the resistance point and this is the support. I am a trader but I am not a technical trader. What specific signal or volume or etc to know it is that and that?
You can learn all this with so much material that is on the internet, but it will be useless when you use it in practice for bitcoin and altcoins... I wish you luck trying
I am also not a technical trader, or at least not in-depth, but I always try to lower my exposure by opening and closing small positions. In case I am completely wrong with my calculations and overview of the market, or we suddenly get to experience an event shaking up everything, I at least have enough funds to ride the changed market. The main point of importance is that you can't (and shouldn't) always rely on charts and the lines pointing out what resistance and support levels are. This market is too unpredictable in every shape or form, so don't ever take things for granted. Last year and the start of this year we have seen how much value TA has had -- support levels weren't support levels, and resistance levels weren't resistance levels....
I agree, this is because this market is driven by good news and bad news, who has the privilege of knowing about good news is always the winner, and who has the bad luck not to know early about some bad news is always the loser
I am also not a technical trader, or at least not in-depth, but I always try to lower my exposure by opening and closing small positions. In case I am completely wrong with my calculations and overview of the market, or we suddenly get to experience an event shaking up everything, I at least have enough funds to ride the changed market. The main point of importance is that you can't (and shouldn't) always rely on charts and the lines pointing out what resistance and support levels are. This market is too unpredictable in every shape or form, so don't ever take things for granted. Last year and the start of this year we have seen how much value TA has had -- support levels weren't support levels, and resistance levels weren't resistance levels....
There are a lot of teaching material (videos, articles, books, etc.).
It's banal, but you need practice.
It's banal, but you need practice.
Technical trader has no problem determining about the resistance and support area. But how did they able to know that this is the resistance point and this is the support. I am a trader but I am not a technical trader. What specific signal or volume or etc to know it is that and that?
Determining a support and resistance points is just really a basic thing where there where no calculation involved but just simply drawn out a line which do illustrate those things. Heres a good guide for you: https://pepperstone.com/en/client-resources/the-beginner-s-guide-to-technical-analysis-part1-support-and-resistance
As mentioned above, defining the resistance lines etc is very easy for even traders but trading them and taking decisions are still difficult as the actions between lines are not definite.
I think this knowledge is basic for anyone who start trading. But in this market it just a reference, to decide the pont to putting an order sell or buy. I often trade follow the trend, more than technical analysis.
Both of the makes an important role when it comes to trading because support and resistance is like the base for all TAs and we can find big pumps early.
Technical trader has no problem determining about the resistance and support area. But how did they able to know that this is the resistance point and this is the support. I am a trader but I am not a technical trader. What specific signal or volume or etc to know it is that and that?
You may refer to this video regarding determining the resistance and support area. https://www.youtube.com/watch?v=DfNYmXkCfOs
I really confuse in your post how come you become a trader if you don’t know the technical analysis. I suggest you to take time to study TA because although it is not hundred percent correct but at least you have basis on your decision.
Technical trader has no problem determining about the resistance and support area. But how did they able to know that this is the resistance point and this is the support. I am a trader but I am not a technical trader. What specific signal or volume or etc to know it is that and that?
basis on the candles, volumes, bids/orders/sells and history
you may see this also, though this is for stocks, its basically use also on cryptos
https://www.investopedia.com/trading/support-and-resistance-basics/
You can find resistance and support points if you look at past history and identify the chart trendlines. For example, you can connect the points where the price bounced off and had difficulty to break through, either up or down (resistance or support). But there is no assurance, you can never be 100 percent sure. This is all relative because todays resistance can be tomorrows support. You can use educational material related to other trading platforms like stock market or forex.
Technical trader has no problem determining about the resistance and support area. But how did they able to know that this is the resistance point and this is the support. I am a trader but I am not a technical trader. What specific signal or volume or etc to know it is that and that?
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