Why do we draw support and resistance zones in crypto? Why do we need them?
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
These zones will help your predict the behavior of most buyers. If you can leverage on the psychological understanding of what most traders will do in such an event, you can increase your chances of making a profit if you are a crypto trader. The same reasons that these support zones exist in forex and stock trading, is the same reason we have them in crypto. They come in handy while doing your technical analysis on the charts. However much they are useful, it is also important to do a fundamental analysis of the assets that you intend to trade. Hope you found this information useful. Leave a comment for me in case of clarification and remember to share the knowledge.