supports and resistances and how they convert ✔First of all lets start with the brief technical explanation and after that go through the analyse DOGE ✔
1 support( an imaginary line, level or area )
👍one of the most simplest technical tool that use for indicating the proper point for buyers to enter or purchase one stock
for using support line
we need more than tow price points that an asset doesn't fall below more than those points and using line to connect them
2 resistance ( an imaginary line, level or area )
👍unlike support line investors use it to figure out the place for exit or selling one stock
and for using resistance
exactly like support line we need more than tow price points and one line to connect them but we should pay attention to this point that asset doesn't ascend above those points
⏲how support and resistance line convert to each other ⏲
👍support and resistance can easily change to each others in simple word when acceptable penetration of the price happen in one line for next price hit (be touched by the price ) this line act as an opposite function
for example we have strong support area if the price stand below this line and stay away for awhile for next time when the price become close to this area it will works as a resistance for the price
3 breakout
👍usually indicates new trend
when the acceptable penetration happens by the price to one support or resistance in indirect way
for example we have strong support line and the price start to stands below the line and continue its movement here we have breakout
you can use horizontal line at the left corner of your charts at trading view for indicating your supports and resistances.
or using other tools like Rectangle or Ellipse and indicate support or resistance zone instead of simple line.
🚀🚀analyse of idea🚀🚀
here we have important daily trend line and strong support area 💣
so
If the price breaks this trend line and price stay above this line we expect gain for the price
and
our noticeable resistance line and our next target are located on the chart.
This is not financial advice, always do your own research.
🐳MAD WHALE🐋
