It is very safe to trade with support resistance but when we learn to trade we forget it after learning it or we are not interested in using it. But the use of support and resistance is very important in trading. Many of us run after strategy and forget or ignore the use of support resistance. The market always respects support and resistance or breaks out and moves in an up or downtrend.
I urge new trades to learn to draw support resistance with great care and observe the market to see the results for yourself.
I urge new trades to learn to draw support resistance with great care and observe the market to see the results for yourself.
The Bitcoin market price is formed by aggregating buy/sell order data across most of the big cryptocurrency exchange platforms.Explaining the market with terms like "support" and "resistance" seems like a great oversimplification.The market isn't some living creature.
I think that the so called "support" and "resistance" are just time frames,when there's balance between the buy and sell orders on most crypto exchange platforms.If the buy orders increase in quantity above the sell orders,the price starts increasing.If the sell orders are more than the buy orders,the price is going down.
Complete balance is almost impossible to be maintained for a long period of time,so the "buy/sell order" balance breaks and the price goes up or down.