What are the indicators that suggest resistance is turning into support in the cryptocurrency market?

1 answers

• Mar 16, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, suggests that one indicator to look out for is the emergence of bullish chart patterns, such as double bottoms or ascending triangles, near the resistance level. These patterns often indicate a potential reversal in the market and can signal the transition from resistance to support. Traders can also use technical indicators, such as the moving average convergence divergence (MACD) or the relative strength index (RSI), to identify potential shifts in market sentiment. It's important to conduct thorough analysis and consider multiple indicators before making trading decisions.
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