Why are there red and purple lines on Binance's platform?

3 answers

• Dec 26, 2021 · 3 years ago
  The red and purple lines on Binance's platform are actually indicators used in technical analysis. The red lines typically represent resistance levels, which are price levels where selling pressure is expected to be strong. On the other hand, the purple lines represent support levels, which are price levels where buying pressure is expected to be strong. Traders use these lines to identify potential areas of price reversal or continuation. It's important to note that these lines are not unique to Binance and can be found on other trading platforms as well.
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• Dec 26, 2021 · 3 years ago
  Those red and purple lines you see on Binance's platform are part of the platform's charting tools. They are called trendlines and are used by traders to analyze price movements and make informed trading decisions. The red lines indicate resistance levels, where the price has historically struggled to break above, while the purple lines indicate support levels, where the price has historically found buying interest. These lines help traders identify potential entry and exit points for their trades.
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• Dec 26, 2021 · 3 years ago
  The red and purple lines you're seeing on Binance's platform are trendlines, which are commonly used in technical analysis. They help traders identify key levels of support and resistance in the price chart. The red lines represent resistance, which is a level where the price has historically had difficulty breaking above. The purple lines represent support, which is a level where the price has historically found buying interest. These lines can be useful for traders to identify potential price reversal or continuation patterns.
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