Xardasim
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November 30, 2020, 12:58:23 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.
%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.
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davinchi
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November 30, 2020, 03:43:17 PM |
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"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.
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Dragonfund
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November 30, 2020, 07:41:29 PM |
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"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 $20 new all time high within 3 weeks nonstop, opening and closing position often with such kind of movement wouldn't really giveout positive results with good PNL most especially when one is trading futures and margin. Support and resistance work most of the time with Bitcoin as observing currently, we are about to make new all time high, if we manage to do that, it will create another room for new bull run in history of cryptocurrency.
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pankowri
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$CYBERCASH METAVERSE
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December 01, 2020, 06:12:30 AM |
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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.
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GeorgeJohn
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December 01, 2020, 06:35:04 AM |
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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.
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Mauser
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December 01, 2020, 06:49:11 AM |
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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 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.
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Istiaque
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December 01, 2020, 02:33:45 PM |
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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.
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exstasie
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December 01, 2020, 09:07:46 PM Last edit: December 01, 2020, 09:25:42 PM by exstasie |
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"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? 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.
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DabsPoorVersion
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December 01, 2020, 10:30:33 PM |
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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.
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bits4books
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Crypto is not a religion but i like it
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December 02, 2020, 04:57:33 AM |
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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. 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
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BuNga_cute
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December 02, 2020, 07:56:48 AM |
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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.
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tbterryboy
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December 02, 2020, 08:26:18 AM |
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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.
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Cnut237
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December 02, 2020, 08:26:30 AM |
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support and resistance
cryptocurrencies
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.
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Pamadar
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December 02, 2020, 09:45:41 AM |
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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.
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.
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FanEagle
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December 02, 2020, 04:16:38 PM |
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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.
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concept2
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December 02, 2020, 04:30:29 PM |
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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
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Silberman
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December 02, 2020, 09:39:01 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.
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.
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Wawa2013
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December 02, 2020, 10:00:42 PM |
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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.
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iv4n
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December 02, 2020, 10:05:52 PM |
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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
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!
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hoadao96
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December 03, 2020, 06:43:02 AM |
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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 .
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