Which cryptocurrencies have the strongest support and resistance levels according to tradingview?

3 answers

• Jan 12, 2022 · 3 years ago
  Identifying support and resistance levels in cryptocurrencies is crucial for traders. These levels are determined by analyzing historical price data and identifying areas where the price has previously reversed or stalled. Traders use various technical indicators and chart patterns to identify these levels. Strong support and resistance levels indicate areas where the price is likely to reverse or face significant buying or selling pressure. Traders can use these levels to make informed decisions about entering or exiting positions.
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• Jan 12, 2022 · 3 years ago
  Support and resistance levels are important in cryptocurrency trading as they provide valuable information about market sentiment and potential price movements. When a cryptocurrency price approaches a strong support level, it is likely to find buying interest and bounce back. On the other hand, when it approaches a strong resistance level, it is likely to face selling pressure and struggle to move higher. Traders can use these levels to set stop-loss orders and take-profit targets, as well as to identify potential breakout or breakdown opportunities.
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• Jan 12, 2022 · 3 years ago
  According to tradingview, some cryptocurrencies that currently have strong support and resistance levels include Bitcoin, Ethereum, and Ripple. These levels are identified based on technical analysis and can change over time as market conditions evolve. Traders can use tradingview's tools and indicators to identify these levels and incorporate them into their trading strategies. It's important to note that support and resistance levels are not guaranteed to hold, and traders should always use proper risk management techniques when trading cryptocurrencies.
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