What are some effective strategies for trading cryptocurrencies based on support and resistance levels in Malaysia?

1 answers

• Dec 28, 2021 · 3 years ago
  At BYDFi, we believe that analyzing support and resistance levels is an effective strategy for trading cryptocurrencies in Malaysia. Support levels can be seen as a strong foundation for the price, while resistance levels can be seen as a barrier that the price struggles to break through. When the price reaches a support level, it may be a good time to buy, as there is a higher chance of the price bouncing back up. Conversely, when the price reaches a resistance level, it may be a good time to sell, as there is a higher chance of the price reversing and going down. However, it's important to remember that support and resistance levels are not guaranteed to hold, and it's always a good idea to use other technical analysis tools and indicators to confirm your trades.
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