In my opinion, support and resistance levels work best in the short term. In the long run, there are many risks.
As the example above was shown above, under certain circumstances, the tool can give a damn about all the support lines and collapse in 5 hours, as Bitcoin did in March.
But in the case of scalping, these levels play the role of excellent navigators in predicting prices in the short term.
Support and resistances are the main tools which do most traders make use specially to those who are fan of doing technical stuffs and you would really need up these kind of indicators because you would need to
see on where prices do bounce back and do break.You can plot on trend lines together with it so that you can determine on where it could possibly go in terms of price movement.
When you are experienced and skill enough you can even able to plot out into your mind and able to identify support and resistance without the need of plotting it.
When we do talk about importance then this one is relevant and helpful.