8120"Strong support" refers to a price level on a chart where an asset consistently finds buying interest, preventing the price from falling further. This level is identified by multiple touches or tests where the price reaches this point and bounces back up.
Characteristics of Strong Support:
Multiple Touches: The more times a price level has been tested and held, the stronger the support level becomes.
Volume Confirmation: High trading volume at the support level can indicate strong buying interest and reinforce the strength of the support.
Historical Significance: A support level that has held over a longer period of time is generally considered more significant.
Psychological Levels: Round numbers or historically significant price points often serve as strong support levels due to psychological factors among traders and investors.
