👍🏻GUID on how to identify support and resistance levels? 👇👇🏻👇🏻👇🏻👇🏻👍🏻
To identify support and resistance levels, you can look for areas on a price chart where the price has historically struggled to move below (support) or above (resistance).
Support levels act as a floor for the price, while resistance levels act as a ceiling.
Traders often use technical analysis tools like trendlines, moving averages, and chart patterns to identify these levels.
Support and resistance levels help traders make informed decisions about entry and exit points by providing insight into potential price movements. Remember to confirm these levels with multiple data points for more reliable analysis!
