What is support and resistance in crypto trading?

Resistance: This is the specific point on a trading chart where the price of crypto stops rising. Support and resistance are technical indicators that can help crypto traders make informed trading decisions. Trading crypto with support and resistance has the following four benefits: The cryptocurrency trading market is one of the most volatile.

What happened to crypto?

But the road has been bumpy. When Silicon Valley Bank crashed on March 10, and crypto-friendly lender Signature Bank followed suit shortly after, crypto prices plunged. But by the end of March, both Bitcoin and Ethereum had notched new 2023 highs.

How to make a good crypto trading strategy?

The cryptocurrency trading market is one of the most volatile. If you are new, you may suffer huge losses because of the market volatility, thus the need to have a strategic approach to trading. Levels of support and resistance can help you make a better trading strategy based on the logics of the crypto market.

How did crypto prices stabilize in May?

Crypto prices stabilized in the closing weeks of the month asvolatility significantly died down. Bitcoin was on track to finish the month above $27,040. After dropping as low as $1,740 in May, Ethereum (ETH) prices also stabilized, putting them on track to finish out the month above $1,860.