Support and Resistance is one of the most used techniques in technical analysis based on a concept that's easy to understand but difficult to master. It identifies price levels where historically the price reacted either by reversing or at least by slowing down and prior price behavior at these levels can leave clues for future price behavior. There are many different ways to identify these levels and to apply them in trading. Support and Resistance levels can be identifiable turning points, areas of congestion or psychological levels (round numbers that traders attach significance to). The higher the timeframe, the more relevant the levels become.
Finding the most important ones can take many hours of practice. They exist due to an influx of buyers or sellers at key junctures. The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces or breakouts. Each of these trades will have their own rules for entry and exit. TradingView has a smart drawing tool that allows users to visually identify these levels on a chart.
Big move as the bulls bought the gap down on the back of earnings reaction. Looking for a higher low on the daily now that we've lost the hourly uptrend
Watching this tight daily range and anticipating a weekly eq, I'd personally like a bear break of this level with good followthru and an attempt to bottomfish our support just below $40. Daily EMA bear cross in addition to recent price action has me learning bearish on this pattern
OGI bulls in full control on the back of uplisting news, but a healthy daily higher low will be needed at some point soon. Watch the hourly chart for clues on when this will be due
APHA still has no sign of the bulls despite daily oversold levels and we remain in a bear flag setup. Watching the hourly and 4hr charts for support holds and resistance breaks to let us know that the bounce is getting underway. There will be a profitable move once a bottom is found but there is still no sign of that being found at this point.
I think it's fair to say at this point that the theory was correct, that now the resistance has been broken, and we're seeing the start of a strong push upwards.
Today we're looking at intrabar activity that makes up the details of that move, how it relates to XRP/BTC, and setting a range for the move. As you'll see in the video, I speculate we'll see price...
Monitoring breakout from the line of resistance that has been active over the past year and a half, as it comes up against support at .277, which has been serving as resistance since 2017. I believe we'll see exciting times ahead.
TRUL chart is choppy with no clear support or resistance, monthly chart looks like consolidation may be needed and ema bear cross on the daily chart has me cautious
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