🔭 **Cryptoscope – 60 Second Tutorial | Saturday, November 10, 2024** **“What are support and resistance? How can you find them yourself?”** --- If you think support and resistance are magical things… **No!** They are simpler than you think. 😎 --- 🔻 **What is Support?** A place where **the price can’t go lower anymore** — because buyers increase and push the price up. Like a **floor** that holds the price. 🔺 **What is Resistance?** A place where **the price can’t go higher anymore** — because sellers become active and push the price down. Like a **ceiling** that the price hits. --- ✅ **How to find them yourself? (3 simple methods)** 1. **Look at the chart** - Places where the price **has bounced back multiple times** → are support or resistance. - Example: If Bitcoin has bounced back 3 times at **$114,000**, that’s a strong support! 2. **Use the trend line tool** - In **TradingView**: - Click on the **"Trend Line"** icon - Connect two lows (for support) or two highs (for resistance) - See the extension of the line! 3. **Check the trading volume** - If at a certain price, **the buying volume is very high** → it’s probably support. - If **the selling volume is high** → it’s probably resistance. --- ⚠️ **Golden Tip**: Support and resistance **can be broken**! - If the price **breaks through resistance** → that resistance becomes **new support**. - If it **falls below support** → that support becomes **new resistance**. --- 📌 Today's exercise: Go to [TradingView](https://www.tradingview.com) → open the **BTC/USD** chart → Find two supports and two resistances visually! #Cryptoscope #SimpleAnalysis #SupportAndResistance #Crypto #CryptoEducation #SorooshX @s1k7wwld
