Dorodha
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November 24, 2020, 04:20:00 PM |
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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.
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el kaka22
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November 24, 2020, 05:06:05 PM |
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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.
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November 27, 2020, 11:30:46 PM |
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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.
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Beparanf
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November 27, 2020, 11:43:53 PM |
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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 100,000 BTC can do big impact on the price of the general market.
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marcous
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November 27, 2020, 11:55:43 PM |
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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.
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.
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Pamadar
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November 28, 2020, 12:48:26 AM |
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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 100,000 BTC can do big impact on the price of the general market. 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.
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LogitechMouse
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November 28, 2020, 02:34:00 AM |
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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.
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STT
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November 28, 2020, 08:09:39 AM |
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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.
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Dragonfund
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November 28, 2020, 09:58:38 AM |
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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.
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bits4books
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November 28, 2020, 02:09:04 PM |
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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
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cuteness
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November 28, 2020, 06:18:42 PM |
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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.
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Silberman
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November 28, 2020, 07:38:57 PM |
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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
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.
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ololajulo
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November 28, 2020, 08:05:44 PM |
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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.
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ChrisPop
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November 28, 2020, 08:57:31 PM |
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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.
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boltz
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November 28, 2020, 09:46:39 PM |
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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.
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magneto
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November 29, 2020, 08:59:34 AM |
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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.
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asus09
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November 29, 2020, 09:58:04 AM |
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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.
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gaston castano
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November 29, 2020, 02:10:00 PM |
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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.
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Leviathan.007
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November 29, 2020, 06:30:13 PM |
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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.
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TheUltraElite
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November 30, 2020, 10:57:34 AM |
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As long as humans are trading the markets, emotions will be involved. Bots have become very much prevalent in the markets now. Support and resistances are in fact areas of interest where , in the past, have been accompanied by a lot of buying/selling pressure. 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. I don't see why would this indicator won't work in any kind of market. These are not indicators but levels that have been historically known.
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