Do you believe support and resistance still work in crypto?

[Sapphire915]

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.

[Plutosky]

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:



And maybe also during this one ....



On a different timeframe as well:

[Pokapoka124]

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.

[jaberwock]

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.

[ChronoLite]

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

[dondonk]

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.