Basic Strategy for Becoming a Profitable Trader in Crypto
The basic, yet powerful Support & Resistance Strategy every novice & pro can start implementing today.
Anytime a trader can reduce uncertainty and lower risk, the trader has now increased their chances of creating a profit. What separates the seasoned professional from the learning novice, is that the Pro can make money in just about every market condition. But before the professional became the pro, they learned how to properly identify support & resistance zones. This is one of the simplest and easy charting tactics a new trader can develop as well as one of the more common identifiers for when to buy or sell. Put simply, this is creating a clear visualization of where to enter based on the support and where to take profits and/ or exit the trade based on previous resistance.
- FYI: I’ll refer to Support & Resistance throughout the article as S&R.
Basics Support & Resistance
One of the first steps to identifying a range (see chart 1.1) is to draw out the Support & Resistance areas using horizontal lines. When drawing out the S&R, it will be best to work on a higher time frame, as this will show the more critical areas for a price reversal. Higher time frames can be different for every…
