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What are the key support and resistance levels in cryptocurrency trading?

avatarApril MendezDec 28, 2021 · 3 years ago1 answers

Can you explain what support and resistance levels are in cryptocurrency trading and why they are important?

What are the key support and resistance levels in cryptocurrency trading?

1 answers

  • avatarDec 28, 2021 · 3 years ago
    Support and resistance levels are crucial in cryptocurrency trading. They are like the walls that the price needs to break or bounce off. Support level acts as a floor, preventing the price from falling further. Resistance level acts as a ceiling, preventing the price from rising higher. These levels are important because they provide traders with potential entry and exit points. When the price approaches a support level, it could be a good time to buy. When the price approaches a resistance level, it could be a good time to sell. So, keep an eye on these levels and make your trading decisions accordingly. Happy trading!