You may have heard about 3 or 4 types of support and resistance, but today I will share with you 7 types Of support and resistance. Let's discuss them one by one: 1. Horizontal lines of support and resistance Support: They are drawn at price levels where the asset stops falling and starts rising. Resistance: It is drawn at price levels where the asset stops rising and starts falling. How to draw: Locate price points where the price previously reversed, and connect them with a horizontal line. 2. Trend lines Uptrend Line: Connects higher lows in an uptrend. Downtrend Line: Connects lower highs in a downtrend. How to Draw: Use wicks or candle bodies to draw a line that reflects the price trend and extends into the future. 3. Round numbers Support and Resistance: Psychological price levels such as $10, $100, $1000, are often strong support or resistance points. How to draw: Locate the round numbers on the chart and watch the price react around them. 4. Liquidity areas Support and Resistance: Areas of high trading volume that represent important price levels. How to Draw: Use tools such as a volume file to define these areas. 5. Moving averages Support and Resistance: Moving averages such as the 50, 100, and 200 days can be dynamic support or resistance. How to draw: Draw moving averages on the chart and follow the price reaction to them. 6. Fibonacci retracement levels Support and Resistance: Fibonacci retracement levels identify potential support and resistance areas. How to draw: Identify an important high and low, and use the Fibonacci retracement tool to draw levels between them. 7. Pivot points Support and Resistance: Pivot points and associated support and resistance levels identify potential turning points. How to plot: Calculate the pivot points using the highest, lowest, and close of the previous period, and plot them on the chart. The different types of support you know first in a comment. Hit the like button if this helped you. Don't forget to follow #Crypto__GeN for more educational posts. hereIf you want to know my top 3 secret strategies, click:
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