VIDTUSDT | Support And Resistance | +9.19%
Doji: These candlesticks have a small body, with the opening and closing prices being nearly identical. They often indicate indecision or a pause in the market.
Hammer: This pattern has a long lower shadow and a small body, with the closing price near the high. It suggests a potential reversal to the upside.
Shooting Star: This is the opposite of a hammer, with a long upper shadow and a small body, indicating a potential reversal to the downside.
Engulfing Patterns: These occur when one candle completely engulfs the previous one. A bullish engulfing pattern suggests a potential uptrend, while a bearish engulfing pattern indicates a possible downtrend.
Support and Resistance Levels
From the chart, we can identify several potential support and resistance levels:
Horizontal Support and Resistance: These are flat lines where the price has previously paused or reversed. They can be found at specific price points.Trendlines: These are lines connecting a series of price points that form a trend. They can act as support or resistance depending on the direction of the trend.Moving
Averages: These are lines that smooth out price data over a specific period. They can also serve as support or resistance levels.
Key Support and Resistance Levels
Based on the chart, some potential support and resistance levels are:
Support: Around 0.04500 and 0.04300.Resistance: Around 0.04800 and 0.04900.
Overall Trend
The chart appears to be in a sideways trend, with price fluctuating between the identified support and resistance levels. However, there are signs of potential upward movement, especially if the price can break above the 0.04800 resistance level.
