There are only two days left until the launch of the new BIO coin, which has excited the community of traders and investors. This coin is considered one of the promising projects in the world of digital currencies, as it aims to provide innovative and effective solutions in the field of digital finance. As the launch date approaches, curiosity about the expected price of this coin is increasing. It is known that the prices of digital currencies are affected by several factors, including supply and demand, in addition to news and general trends in the market. Therefore, expectations about the price of the BIO coin may vary greatly between traders and analysts. Some experts expect the coin to start at a high price due to the great interest it receives, while others believe that it may decline slightly before stabilizing. We invite you to share your expectations about the price of the BIO coin # in the comments below. Do you think it will reach new record levels? Or are there factors that may negatively affect its performance? Let's discuss together our opinions and expectations about this interesting coin and prepare for the investment opportunities that may come with it.
Support and resistance points are price levels that traders use to determine the likelihood of a price reversal or continuation. These points can be identified in several ways:
1. Using charts (technical analysis):
Support: is a price level at which the price is expected to stop falling and bounce back due to increased demand.
Resistance: is a price level at which the price is expected to stop rising and bounce back due to increased supply.
Steps to identify support and resistance manually:
1. Monitor previous highs and lows:
Identify the points from which the price has bounced more than once.
Previous lows are often support points.
Previous highs are often resistance points.
2. Draw horizontal lines:
Use the drawing tools in the trading platform to draw horizontal lines at these points.
3. Confirm points:
Points that the price has touched multiple times are considered strong.
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2. Using Moving Averages:
Moving averages (such as 50-day or 200-day) act as dynamic support and resistance levels.
When the price is above the moving average, it acts as support.
When the price is below the moving average, it acts as resistance.
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3. Using Fibonacci Levels:
Fibonacci levels are used to determine support and resistance based on certain ratios.
Plot Fibonacci levels between the highest and lowest points on the chart.
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