How does support becoming resistance affect cryptocurrency prices?

1 answers

• Namakia David LeonMay 27, 2023 · 2 years ago
  Support becoming resistance is a concept that is closely monitored by traders and analysts in the cryptocurrency market. When a support level is broken, it often turns into a resistance level as traders who bought at that level now become sellers. This can lead to a temporary halt or reversal in the price movement. The strength of the support-turned-resistance level depends on various factors such as the volume of trading activity, the duration of the support level, and the overall market sentiment. Traders often look for confirmation of a support-turned-resistance level through multiple tests of that level. Understanding this concept can help traders make more informed decisions and manage their risk effectively in the cryptocurrency market.
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