Bitcoin Forum

I wanted to create a poll for this, but then I thought that I should rather ask for ideas as well as your opinion on this. I believe that we follow some areas we call as support and resistance and it works very well with forex and it did before with cryptocurrencies too. Now, I'd just like to know whether you actually draw those lines on your charts and believe that those areas are worth to be watched as well as turn out to be great support and resistance levels where markets can actually take a retracement or reversal, or you just don't think that they exist and the price either goes too much high when there's nothing ahead (I mean, while creating an ATH) and just shows a freefall when sellers simply dump it? I know it can be a case with some tokens which are useless with no volume, but my question is in regards to major cryptocurrencies like BTC, ETH, LTC, XRP, etc. which share the maximum volume available in the markets.

 Any level of support or resistance is valid in Crypto and other centralized financial markets. Support and resistance prices are made up of crowds, not just whales. The Crypto market is also considered a financial market, with professional traders and newbies identical to the markets out there. So have confidence in the signals in the Crypto market. ;D
In addition, there will also be relatively weak support or resistance prices, so the price can be easily manipulated at that time.

Yes, support and resistance still work in crypto. Support and resistance is still created by price, and price is created by investors buying and/or selling.

The only difference between forex and crypto is that there's a lot more information about forex available to influence buying and selling decisions. Forex has government policy, GDP, trade, and social economic factors that comprise all the information available about a currency. Bitcoin, for example, doesn't have much of that. So buy/sell decisions are based on less information about the market.

The new thing to consider with your support and resistance levels is what's the probability that a crypto currency will break/fall through when it hits those levels. Is it the same probability as a foreign currency? Likely not. Is it a higher probability or a lower probability? I have no idea. But that's a new metric you should measure for that would be precisely different from forex trading.

The concepts of support and resistance still apply to this market, however like any other tool you need to know when to use it, when a market is trending, whether the trend is positive or negative doesn't matter, the indicators of support and resistance are not the most useful because the price will have a tendency to break through them, however when the market is relatively stable that is when you see support and resistance playing a big role and they can be used to produce significant profits for the trader that knows how to use those indicators.

Yes I do think it works with bitcoin and I can prove it to you.

During the 2018 bear market a strong level of support was 600 dollars and you can recognize that level by how many times it defended against bears.
It was attacked in June, July, August, September, October, and finally broke to the downside in November. Every month bears tried to break it and every month it bounced back above.

There's a rule that the more times a level is attacked the weaker it becomes and it is so with both supports and resistances and when a strong level is broken the following move is very strong and this is what happened with 6000. When it broke it was followed by a 50% drop in price.


This year 10000 was a strong resistance. When it broke it was followed by a strong 20% move to the upside and begun this bullish wave that will probably take us to the old ATH.

Absolutely. Technical support and resistance is relevant for all liquid investment assets, including BTC and larger altcoins. The more volume and liquidity the market has, the more reliable S/R (and all technical analysis) generally is. And also as a general rule, higher time frame analysis tends to be much more reliable than lower time frames.

Looking at BTCUSD, the April-May and July-August pullbacks this year are perfect examples of retracements off very obvious weekly/monthly resistance levels that were established in 2019:

https://i.imgur.com/eX1i3NL.png

Support and resistance are myths. The idea that investors all decide independently on the same prices to buy and sell at is absurd.

It does work still because we can see the support and resistance still through the fibonacci even when there is bullrun. BTC and altcoins obviously are now experiencing overbought which I think its overbought and oversold that doesn't work anymore. RSI is having trouble when there is bullrun. Some traders probably have been selling already after seeing BTC hit the above 70 of RSI indicator but found themselves buying back again.

How do you know?

Myth or not, horizontal S/R based on pivots and candlesticks has been crucial to my (profitable) trading system for years. To each his own! :)


Why? Is it absurd that when a monthly or yearly low ("support") breaks down, a lot of people decide to sell because they expect price to fall? That seems perfectly reasonable to me! And when price eventually retraces near that level (formerly "support" and now "resistance"), and so traders and investors who have experienced drawdown collectively sell to recover their capital, is that absurd?

In line with volume analysis, support and resistance is primarily about where the break-even points and pain points of a large composite of traders and investors are. That's part of it at least. There's always the "self fulfilling prophecy" theory to consider as well: https://www.investopedia.com/ask/answers/05/selffulfillingprophecy.asp

A short answer:
Support and resistance in crypto is FOMO and FUD
This market has no rules and make no sense to me, sorry

yes ,i believe that also exist on crypto market. even though mostly is decentralized , i mean that asset like BTC etc, somehow its works, like what happen right now, in short it's like a repeat of 2017 . probably many people ask why u believe about support or resistance level on crypto market since mostly assest backed by nothing, its pure move by buy and down by sell, nah , i've followed it and that works for me.

Exact. There are always points where investors pay more attention for a variety of reasons. It is essential to have an idea of what those points are. What are the reasons that led people to create a confidence to buy or sell at that price.

It would have indeed been more interesting to create a poll out of this question.

While I do some little trades, I don't have the skills to come up with a reliable TA and do some nice chart reading. There might be some roles that support and resistance play in crypto but I am still in the belief that crypto is still the wild wild west in trading.

I have been failed by countless TAs in the past. I have known people who strictly adhere to technical suggestions through the charts but it seems they are still far from gaining a nice trading profit.

Countless of times I've read TAs that go like "if this resistance is shattered, the price will be expected to rise more" or "if this support cannot hold, the price might further fall down" or "we are about to test the $10,000 resistance and if we got past that, $10,200 is the next target" or "$5,000 proved to be a weak support, we will have another one in $4,900." These are all a little funny to me mainly because they failed more often than not or they're simply a matter of common sense. Or perhaps I just didn't get it.

Of course it will work and it will continue working in every types of financial market. Actually support and resistance is the foundation of technical analysis, you will not understand how to analyze a certain chart if you do not know how to identify the support and resistance. In a context, support is the demand in the chart wherein you can considered as support when the price is bouncing back and not breaking down while resistance is the supply area wherein if the price are entering that area, you can see that the price is starting to reject that area. There is called role reversal and it is happening where there is breakout and breakdown in the chart. My advise is you should first master the foundation which is the plotting support and resistance because it is vital and it can help you to give good analysis.

Support and resistance, only work on sideways market. In case of rapidly pricing market, it doesn't really work. Be it Crypto currency, forex or any equity in market.

Meehn, what makes you think that the support and resistance doesn’t work in cryptocurrency market?
It works really well, and if you do follow up with price analysis of the top cryptocurrencies that are being posted on Cointelegraph you are going to notice that the experts are always making use of support and resistance to predict their next move.

It’s all about knowing how to identify the support and resistance, if you don’t do it right, then how do you expect it to be right? It still works and that’s what would help you in making your buy and sell decision, and also know when to go short on resistance.

I tend to agree.

Support and resistance still work not only in the foreign exchange but also in crypto exchanges.  However, we always need to bear in mind that the volatility of the price lies not only with the manipulation of the whales but also from the numbers of individuals whose demand keeps on elevating, and that serves as the main factor for the bull run that we are experiencing now.

Though support and resistance provide information on the trends and possible movement on the Bitcoin's price it only provides limited information which makes Bitcoins and other cryptocurrencies unpredictable in terms of market value.

Well, being very direct I agree with you.
If support and resistance worked in practice there wouldn't be major crashes like that one which sent bitcoin to 2,000$-3,000$. In such a decentralized, volatile and unpredictable market where few whales movements can cause huge fluctuations I see support and resistance theory somehow pointless. How many times I have heard bitcoin was at support level, theoretically *safe* to buy, but it kept falling...

If you look at the age old charts you will find some support and resistance levels for sure. Now you can't rely completely on them but most of these levels are correct and previous bullish or bearish trends have been able to take down resistance or build up support levels of you know what I mean

I can't make you understand this but you have analyse some charts during bear trends because thatis where most of this support action occurs. People are buying at that price.

Like for example right now there is a bullish trend, where it is trying to cross the 18k markbut facing selling pressure, last time I checked yesterday.

You're adding some supernatural features to support and resistance lines. They won't stop a correction from happening, it doesn't work like that.

In a crash situation previous resistance points are possible points of entry where a bounce backs or permanent reversals can occur.

Where did you see a crash to 2-3 thousand dollars? Do you mean that crash from 6000 to 3000 in 2018? That was an example of a strong resistance being broken.

I don't believe that support and resistance still works in crypto this does not apply to crypto because no one can control crypto. Fiat currencies have support and resistance but are not regulated by crypto governments. when it comes to trading and investing in cryptocurrencies is up to the individual to understand the exact signals of the charts. The market can't resist prices are volatile all the time. The ups and downs of this investment cannot be prevented even if everyone supports it.

I have quit on them long time ago, it is obvious that resistance and support are there to make the spread for longer period and nothing more.

The "spread" is usually the exchange having buyers at like 100 and sellers at 102 and the difference is spread, but support and resistance is just a bigger spread that is at 95 to 105 for example and that is why I call it bigger spread and nothing more. Why? Because simply speaking if price wants to go down and people sell, they can crash through the support very easily and go down 2-3 support lines very easily without a problem.

Same goes for going up as well, if price wants to go up, it can break over resistance points like candy without any problem at all, they are just there for show and nothing more if you ask me.

With cryptocurrency we can see resistance and support level at certain price range. The difference between the forex and the cryptocurrency is all about the precision. With forex and stocks the experts have same opinion about the resistance point, but with cryptocurrency different users state different resistance and support points. Whenever the market moves with a big jump there is more chance of dropping down in a short. Here the resistance gain keeps the price stabilize and stay above that for a long termed to be support level.

There is no precise on TA. Because its just an analysis base on past record of a certain. So basically no one can get a precise analysis because it is just a prediction even if it's in forex or crypto. The difference of those two is the volatility and regulation. Crypto liquidity is too low compared in Forex that's why support and resistance can be easily break by a group of whale that buying/selling in sync. And also crypto is not regulated, Anyone can easily manipulate the price if you are holding a huge amount of crypto. Even a 100,000BTC can do big impact on the price of the general market.

Yes, support and resistance is the key when I enter in the market because that can be a benchmark for where the coins are going.  will go up or down.  as we know that if the coin can break above the resistance then move sideways then the coin will create new support to move up.

Simple and precise this is how to explain what's the real score inside crypto market.

You can  use those past movement as patterns but you can't relied on it, as volatility are very active due to the influenced of big whales, there are chances tha even you see that support barrier is strong but once this whales attacks it will easily be broken. You have to make sure that before placing your entry you also expect the possibilities.

In a very volatile market like crypto, supports and resistances doesn't work that much compare to other markets like the stock market where it is less volatile.

We saw already that there are times that the crypto market went down very hard and at the same time went up, up and up and no one expected it to happen. Supports and resistances possible will work in a sideways market since it is easy to see. Relying only on them will not help you. You need other indicators.

The general concepts are applicable to all naturally trading markets, so long as there isnt too large a bias to one entity.   The reason it works is the main driver to Bitcoin or many other markets is contained within human populations; we are a natural phenomena so adhere to the same rules and observable flows as have repeated for hundreds of years in markets and prices.   What makes it tricky is the dollar is constantly changing and is not a free market exactly but quite lumpy and uneven, in theory its industrial related but I would say politics drives the price for Dollar with policy and bias introduced that way.   If you think Bitcoin can be a fairer currency then dollar or anything else should not be a disruption; apparently China is now taking further measures to interfere but again its a test of the backbone to decentralised crypto such as BTC.
   TA works so long as you weigh its worth in probable outcomes never certain known events, its only trying to show the path of least resistance.

Trading idea is common which everyone applied to be safe when the market is running and one of the cool strategies of technical analysis are resistance and support. They work most of the time but one should know that we have strong resistance and weak ones same applies to support.
Take bitcoin for example, 10k should be. Strong support for Bitcoin, 14k-15k might be another support for Btc but wouldn't be that strong to for traders incase there is massive FUD and sell off in the market.
However, this techniques doesn't apply to the market once fear, uncertainty is involved in the market, that's the period every one exit the market regardless of profits and loss. It once happens during covid-19 market sell off and it was a terrible experience.

The cryptocurrency market has a lot in common with the "classic" market - because it is built on its basis and has adopted all the positive and negative aspects.
We can't say that support and resistance lines are good or evil, but the fact that they exist and work as on the classic market is a fact. And it’s better to use them as for me

support and resistance are still working in trading this kind of strategy is the best to read the price movements of any crypto. like bollinger bands its easy to use you can see if the price is oversold or overbought.

Correct, the same principles that apply in the stock market apply here the only difference is that this market is way more volatile so your losses or your wins are going to be larger and you are bound to make more trades as there is more action during the year, but this is a good thing for good traders, as such if the concept of resistance and support works for you in traditional markets then it should work here too with some minor adjustments since we need to take into account the volatility.

As written in OP, resistance and support is more applicable in the top coins especially Bitcoin and Ethereum than in other altcoin. All the record for the resistance is noted for the bull market and will be useful for the bear market, same as when the cycle begins if it will involve the prices. They are important in prediction and result of many market factors that deal with traders and the speculative price movement.

As long as humans are trading the markets, emotions will be involved. Support and resistances are in fact areas of interest where , in the past, have been accompanied by a lot of buying/selling pressure.

I don't see why would this indicator won't work in any kind of market.

100%. Cryptocurrencies should always have support and resistance as this makes exchanges being valid and investors having trust to invest, right ? If there is no support and resistance , Cryptocurrencies will be so manipulated that they will become just another bubble with people losing their money more than gaining profits.

The fact that cryptos prices are already volatile it's enough for me in order to trust the support and resistance. If you don't want volatile prices , stock markets are the way where you have only support and resistance but not volatile prices.

To a certain extent. The reason why it works is partly because markets are irrational, making support and resistance levels somewhat of a self-fulfilling prophecy.

Obviously, I'm not saying that there is no technical merit to support/resistance levels. Sure, there could be large whale orders at certain price points that pose a tangible short-term barrier. But I think that at the end of the day, the psychological impact of breaching a support or resistance level is far greater than any tangible changes in market fundamentals.

Whether this "still works" or you should worry about this phenomenon is entirely up to your investment objectives. If you are a long term investor, there is no reason to be concerning yourself with this. But if you are a day-trader, you sure need to incorporate these elements in your trading algorithm/strategy to feasibly turn a sustained profit.

This exactly waiting for many trader when support and resistance for entry on market because after touch support price of coin will resistance and up to higher price, I am always waiting for when support and resistance coming and I want to entry trade on some coin, better waiting with support and resistance price before disappointed after price raise to higher again, will be bad moment if we have miss with support and resistance price because when entry not on support price have available for coin back to lower price, but if have been on support and resistance price always get bigger chance to earn profit.

also uncertain but it can describe the direction of the price movement from the support and resistance predictions.
for example, you will never know when it will rain, but when you look outside the house and the sky is cloudy, you have a little guess that it will rain soon even though you don't know when it will be.

It works everywhere. Doesn't matter on which market you are working Stocks, Forex, crypto, etc.. . you just need to find the proper strategy and the useful indicators for your market and configure it depending on yourself and your time frame. Some people think resistance and support areas are not useful and TA indicators are not working well on crypto, that's because the markets age. since the market is still young and there are many whales on the crypto and bitcoin market owning a huge amount of the assets, after they buy or sell many resistance and support areas will break. But still working. The point is people usually forget about the fundamental news and they expect the price to react as they want. But the price will act for it's own you just need to find a way and work with it. whenever, you find TA and resistance and support areas not useful, you maybe made a mistake with your TA.

Bots have become very much prevalent in the markets now.

Essentially making these points worth keeping note of. A diligent trader would not swipe away the possibility that an older support level can still be active after several years and place buy orders around that to buy before the bull pump occurs from that level. This can be tricky but this is the calculated guessing behind placing of orders.

These are not indicators but levels that have been historically known.

%100 does not even apply to systems with great market capitalization such as Forex. In fact, tools like TA stay weaker in the crypto market. Secondly, support and resistance are effective in almost 1% or less of the entire market. BTC is the best answer to many questions. If we see a similarity in today's crypto market, it is about BTC. The result of BTC out of "orbit" would have made TA useless for the entire crypto market. So I do not think support and resistance is as useful as you think in our market.

"Believe" is a weird word for something exists. I mean I do know that support and resistance lines exist and they are there to usually stop small movements, not huge gigantic waves obviously but when you are moving small like few hundred dollars at most, they are there to stop it from going down or going up and I do agree that they are there, like how could I decline their existence?

However if you are asking me if they do worth anything or if they could actually stop or whatever, I think that depends on the wave of the movement.

If it is a big wave with millions of dollars pouring into one side constantly for days, no support or resistance could stop that, they are not there as a huge wall of china type of deal, they are just a house fence and nothing serious.

Most of the time, support and resistance don't work for altcoins movement too, yes!!!
How do you locate a resistance and support when there is real fomo for a coin that's ready to 200%. Chainlink made a rally from $4 to $20 new all time high within 3 weeks nonstop, opening and closing position often with such kind of movement wouldn't really giveout positive results with good PNL most especially when one is trading futures and margin.

Support and resistance work most of the time with Bitcoin as observing currently, we are about to make new all time high, if we manage to do that, it will create another room for new bull run in history of cryptocurrency.

Yes, I still believe the support and resistance still work in crypto currency. In short, price is created by them and investors are likely invest by doing those analysis too. If can't work for you but it is not fake widely. If you are a trader or investors you need to do those analysis. Otherwise, you may fail to achieve your target.

I think nothing bad for soliciting for idea to executive to project but at time personal decision determine a lot via project because someone who wants to buy such idea can't render anything positive or meaningful because he will look for one or two way to discourage you in order to carry on the function, so its also good to make a personal after gathering information from people.

I am very certain the resistance analysis still works. If you look at current bitcoin prices close to 20.000 USD again than investors will take the price on reference. So if prices would drop to 5.000 USD then most investors would not sell their coins because of the high prices in the past. And without any sellers the prices would have to rise again. Most investors use at least some form of chart analysis.

Support and resistance still work in crypto but market analysis will depend on it before investing. inveting is possible to recover the loss for the investment by researching the charts for accurate description of the currencies but not support everywhere. These are considered on the basis of price. All traders invest to make more profit they will never invest prices fall efore seeing this you need to get a good idea and knowledge about the market.

Whether or not S/R works, or is effective for trading, actually is a matter of belief or opinion.

As much as I disagree with the "TA is a scam" crowd, it's not really provable scientifically one way or the other because like any matter of economics, there are way too many variables to isolate. The question can't be empirically known.

So when price bounces off the upper $19,000s multiple times, it's obvious to me that it's resistance from the 2017 ATH that's inducing distribution. But the non-believers will come up with any number of explanations to wave away that theory. They usually point to the nearest bad news or FUD and claim that's the reason price dropped.

It still does work of course,

We all know that support and resistance have a big role in the market, this is what investors are looking for or where they expect a downtrend. Support and resistance serve as the security of the price which can be seen at a certain price in the market.

This is good and bad for traders at the same time.
Entering the cryptocurrency market is saturated with risks and for newcomers this is a very dangerous place-there are scammers everywhere, dubious projects, fraud, a market collapse due to a cough from a McAfee or another stupid China FUD.
All this leads to the fact that some people are less willing to trade cryptocurrencies as soon as they begin to realize all the risks inherent in the market and return to the"classic market". Less often, they just buy and hold a small number of coins in order to sell them profitably after a long time

Of course support and resistance still works to predict price movements, but it is impossible to be 100% accurate.
Therefore, other trading tools must be assisted, not only relying on support and resistance. Sometimes bad news
can cause drastic changes in market prices, therefore cryptocurrency trading has a high risk compared to others.

Of course support and resistance still works, what makes you think otherwise? Is it because of how the price keeps moving real quick from one price to another? I think you should understand how these two things really work, they are just being used to know when the price will fall down or when it will go up, they are not actually being used to predict what the price will be.

An expert that uses support and resistance after reading the chart will tell you for example that if the price should reach a certain price then there is the possibility of it going further up, they can say if the price reaches $10,200 then there is possibility of it reaching $10,800 next, but if it drops to $10,100 it can drop to $9,500. This is an example of how it works.

My bold, because this is an important consideration.
Altcoins are often heavily dependent on bitcoin price movement, which can render alt support/resistance levels irrelevant.
Say ETH is $450 and has strong 'resistance' at $500. Bitcoin suddenly surges 50%. ETH 'resistance' evaporates.

It can use as basis but not really reliable, as it can fake out by big whales.

There are still traders and investors who use this information for them verified the possible next movement, things like this are being used by traders who understand the possibilities, market is unpredictable but having enough knowledge to look for hints to guide you is enough to build a good patterns.

There are also psychological resistance points that people keep forgetting about. Look at the $10k price, we have gone over that and gone down probably a zillion times already, it is something I doubt would really continue forever, at the end of the day we are talking about bitcoin here and the price of bitcoin would always change. So, right now we are around $20k and we broke over that $10k few months ago and not looked back since, but it was a huge psychological resistance.

Look at the ATH price right now, we have moved close to it and even over it twice now, and the price kept tanking right afterwards, why? Was there any fundamental or technical reason for it? Obviously not, it is something as usual as it gets when you look at purely price, but it was a psychological resistance that dropped the price.

Support and resistance are not really esential for trading, inmy opinion, although it can be a good indicator. For me, trend and volume are more important

This is spot on, whenever a person makes a trade using a few indicators and then he loses that trade he blames the indicators when most likely it was the trader that made a mistake and does not know how to use those indicators properly, support and resistance is a particular way to look at the markets but it is pretty subjective, it is up to each trader to try to tell where the support and where the resistance is and it is obvious that the traders that have been in the market for a very long time are going to have an easier time dealing with this indicator than someone that is relatively new to it.

I believe support and resistance are the most important indicators for predicting price movements in crypto trading.
Don't blame support and resistance if the results are not as expected. Therefore, other indicators are needed to help
analyze the market so that the results are more accurate. I've been trading crypto for about 4 years and I am used to
using support and resistance to help me analyze the market, until now quite satisfied with the results. So for me support
and resistance is still working and recommended for use until now.

I can agree with you, volume can more important than support and resistance! When you think about it, we who are in crypto for years we have seen many times how support can fail, and how resistance can be broken! It's why support and resistance are not essential for trading, you can fully trust that support will hold, or to believe 100% that resistance will not be broken!
Maybe in forex it's different, I can't say much about that (I never tried that, except some reading I was never interested to learn more about it and eventually try it), but in crypto you learn that anything is possible, so look at support/resistance as some temporary borders, that can be moved in any moment! And when volume is high people are in action, and where is the action anything can happen!

As I feel this cryptocurrency market is made up of many different economic industries. Not only that, it also owns the personnel of many other professions, so it is natural to have support and resistance. The problem is that the cryptocurrency market is still quite small for technical analysis, in addition the information is not completely accurate, so it is not really reasonable to apply technical analysis on price charts now. . It could be of more help in the future .

That is what I am talking about, right? I mean we can't be just ignoring something as major as these points, we are aware, but I just think I haven't seen it work as well as intended most of the time.

Support lines should suppose to mean that it must be harder to drop but we look at prices and it breaks under the support line very very easily sometimes without any type of problem, then we look at the resistance points that suppose to mean it should be harder to go over, but every single line of resistance was broken into pieces when we moved closer to 20k. So, what does that mean? Resistance and support should definitely mean something different to other people than it does to us for sure, I just see it as absolutely nothing at all and do not see the point of it.

For me, yeah support and resistance do work in some cases, but not all the time there's no 100% proven technique to trade crypto as it is too volatile. In the case of a flash crash well support and resistance will have no effect over the movement.
Indeed the market is volatile and its hard to predict what will happen next, but I won't say support and resistance are pointless because those are keys level other traders are waiting to either enter the market or exist the market,thats why it always the first thing you get to learn when you want to venture into the trading space, support and resistance is just like the basics.

Technical indicators had been a pretty common tool for traders of this market.When it comes to effectiveness or precision then theres no such thing about 100%
guaranteed positive results even if you do know on using this.Its true that some people do think and even blame when they had been using these simple indicators
when they do lost up a trade.On the question, does it really work? It would be yes or no because due to randomness of the market then no indicator or tool
would give out precise results.So expect that you would neither experience loss or profit on using but its better to have these things rather than
on trading blindly.

I do believe in support and resistance. It's one of the best indicators when one is trading major cryptos. I mean look at the current situation. We do have a very strong resistance at the $20k region. If it wasn't there, we would have gone past $20K already. I have used it to my advantage so far to open short positions and I have profited twice so far. However, I know that anytime so, we could have a breakout, and when that happens, I will be ready.

Majority of the answers believed that support and resistance work in their trading set up. Indeed, it is so crucial and relevant in the market because even newbies can easily grasp the idea in making them profitable trades. In fact, the market is not only whales playing inside but the common knowledge of all retail traders which sums up the overall market. If a newbies can make profits out of just drawing support and resistance areas and make some trades out of it and became successful in the process, then perhaps it can be trusted.

The only time I myself didn't look at support and resistance is when there are relevant events and updates or news upcoming. Because as young as this crypto market right now, fundamentals meant profit.

Prior volume matters, thats all anyone has to note and respect that price has significance when alot of people agree on it.   Even the simple idea of a flat number like 10000 or 20000 like we see right now have importance, the main thing we're looking for in a price graph is consensus and when everyone agrees the balance in the order becomes one sided and price moves.    The most widely noted indicator is the 200 day average and I always think a simple story helps make it true because its widely observed so high volume behind a resistance level is good to call out also.
   The problem BTC has is price is distributed across multiple exchanges so its fuzzy info, also many different national currencies of varying strength so everyone's orders will vary some.

It works and i believe we are trying to break the resistance on a current market situation with Bitcoin but if we failed to do so then expect that we will touch the support level again. This is the basic indicators that you should learn first in trading, and its very simple and easy so don’t try to skip from learning this strategy.

Yes, it is the fundamental factor of anything that can be traded on different platforms. Without it, you won't know where is the right price to set your buy or sell order. A basic knowledge about support and resistance can help you to gain profit from trading even if you're not that pro into that stuff.

I believe support and resistance are important factors to help analyze price movements in the crypto market.
But we can't just rely on indicators of support and resistance, it must be supported by other indicators too.
Although for me support and resistance still work, Sometimes there is bad news that appears suddenly making
the analysis results using support and resistance inaccurate. Therefore it is important to use other indicators,
to help get a more accurate analysis.

Well, the difference here is the fact that we are talking about crypto traders and what they use, instead of what bitcoin wants to do by itself. Nobody thinks that bitcoin moves all by itself, it is us traders (or investors) that decide on the price, and how do we decide it?

Yeah, everyone has their own way of deciding what the price will be or should be. This means there must be some people out there who believe that bitcoin resistance and support levels matter and they definitely do make moves on bitcoin related to these factors, and this means even if it is not huge, there must be some trades made based on these two and that could affect the price a bit. I am not saying purely this, but could be a bit related.

It is funny because that is the way that support and resistance should be seen, a level of support or resistance is not absolute, at some point they are going to be broken, what you need to try to tell is how likely it is the support or resistance level that you're watching is going to break? If you see that those levels are strong then you can begin to use a strategy that takes advantage of that but if you think those levels are going to be broken then you could be in the presence of a major trend at its beginning stages.

Yes, the support and resistance with the cryptomarket is real. Myself used to believe on the market growth of bitcoin based on the resistance gained for the forward push. If there isn't much of support the market will move between specific margins without much of forward push. This is also stated to be one way of support level.

Support and resistance are indicators, especially for trading. And in the crypto world, it relates to the statistic of price action. Well, and this is the most indicator that is used in analyzing the market charts of the crypto itself. It relates to technical analysis. I personally think and consider that this indicator is good enough to be used for that analysis. Moreover it is to identify the probability of the market price when it si in uptrend or downtrend and how the correlation to jump up or down.

Support and resistance are important just the way volume is essential. Without support and resistance, the entire market will be useless, the whole thing would look exactly like gambling. What makes trading different from gambling are these indicators, they guide everyone when to enter and exit the market, when to accumulate and when top is in. So, you shouldn't base your judgment on personal experience, support and resistance is real in every market except when there is market crash and external conditions that are difficult to manage by technical analysis.

People mistake why these things are used, all those Bollinger Bands, the MACD the support and resistance lines, the index's etc etc all of these things are used in a way that shows you the guides and points of crypto and tell you something, it doesn't tell you where it is headed, it just tells you the situation. Think of it like warning signs, like that says "be aware rocks may fall" on mountain roads, it doesn't really mean that any rock will fall, most probably no rock will fall at all, but there are few times in the past year that had people get injured because rocks fell, 360 days of the year it didn't fall, but for 3-5 days it did, so you had to put up a sign. This is like that, it doesn't mean it will do that, it just means "it may do this so be careful" and that's it.

As far as I can see, there are already some resistance on whether the Cryptocurrency should push through with being known publicly and not just some people who really took their time researching about Cryptocurrencies. The value of Cryptocurrencies are a wonder because nobody really got why its value keeps fluctuating. Users within the forum practically support the use of Cryptocurrencies but some of them are careful on getting known publicly since it can generate power for them since its a good financial support system.

You are generalizing some shitcoin chart to well standard chart. Support and resistance work in every market between buyer and seller as you have said above, though this is alway difficult to establish in altcoins since most of the time they are pumped and dumped by whales, no reference to points, they are a after making quick profits and cheating other.
Bitcoin and Ethereum respect support and resistance, that's what has been guiding traders for long time and it has been working flawlessly.

Might not be precise but these indicators or technical tools are really helpful towards your trading analysis.This is much better rather than on using nothing at all.
We cant say if it really works but you can at least point out where are the support and resistances of the entire market price and with that you can make out
some analysis which is the most common thing when you do make out some decision towards it.

With some experience you can already determine where are those support and resistance with just watching or doesnt really need to plot out.

I think that support and resistance are almost non-existant with cryptocurrencies like Bitcoin. At best you can see that Bitcoin is currently well established within the 10k to 20k range this year, but it very much feels like sudden unexpected shocks can cause the price to tumble. The bitcoin market has shown it can be entirely random and irrational, jumping thousands either way within a day. It feels a bit like technical traders are trying to project stock market techniques on to a highly unpredictable asset.

Bitcoin is very volatile but support and resistance also work on this type of asset. How can an experienced trader position its trade if bitcoin has no support and resistance? It moves in an unexpected way sometimes but not always what you think. Like now bitcoin has been stable around $18k so trading around this price can earn you some profit.

Yes, I believe so. We could've been here anymore, getting huge profits in any of those valuable coins in Crypto world without the support and resistance. I believe that this two had worked together to keep the crypto world more alive and profitable for us.

I do believe they work (like in any other speculative market) but many traders tend to overcomplicate it. Too many lines on a chart are worse than no line.

I only use moving averages and classical chart analysis.

For example this MA worked pretty well (as support) throughout the whole 2016-2017 bitcoin bull run:

https://i.imgur.com/7qH3G2D.png

And maybe also during this one ....

https://i.imgur.com/0a4Nxn0.png

On a different timeframe as well:

https://i.imgur.com/LljXPJW.png

Yes support and resistance still works! I rely on them for my analysis...way better than most technical indicators. Plus the market is not easily influenced by whales. Although no support and resistance chart could help in march when the market unexpectedly dumped.

Well sometimes it does, and sometimes it doesn't. We have seen proof of this already, I mean we had resistance until we come all the way to 19k+ price right? Nobody can deny the fact that we had to break over a lot of resistance in order to reach here, but what happened? We broke over all of them and reached here anyway without really caring about any of those resistances and nobody stopped us.

However what ended up happening is that the 20k barrier we had failed to break over, it was difficult and we tried but we failed in the end. Which tells you two things, one is the fact that we broke all resistance until here which means they were unimportant but the other is we failed to go over 20k which means it was important. So, that means "sometimes works, sometimes doesn't" applied in real life too.

i still do believe those, those analysis really work to decide what do later on. although you do need other stuff to actually make it more accurate but by learning those support and resistance, we could decide when to stop and what to expect next in certain span of time either short or long, there are lots of guides out there talking about this

sometimes this technique helps in analyzing prices, in addition, observing news about cryptocurrency also helps in our analysis so that we are more precise in determining our next steps.