Support and Resistance: Key Concepts for Crypto Traders
Support and Resistance: Key Concepts for Crypto Traders
🎢 Crypto's Invisible Barriers
Support and resistance are fundamental concepts in crypto trading that help determine optimal entry and exit points. These levels represent price barriers where buying or selling pressure is expected to pause or reverse market trends.
- Support: A price level where downward trends typically halt or reverse
- Resistance: A price level where upward trends often stall or turn back
Understanding these concepts can aid traders in:
1. Identifying potential trend reversals 2. Setting stop-loss orders 3. Determining profit targets
For a deeper dive into support and resistance, check out the educational resources provided by dYdX and Binance Academy.
Support and resistance - a basic, yet important concept for any crypto trader. Here's some insight into how they work 🤝 Learn more ➡️ dydx.exchange/crypto-learnin…
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