Support and Resistance levels are significant levels that can be observed on the Daily timeframe. These levels indicate where the price has reacted in a manner that caused a reversal or consolidation, often called "bouncing".
Determining these levels can be subjective as they may involve a combination of both candle bodies and wicks.
To confirm these levels, the price should have hit/reached them multiple times, and levels on higher time frames (i.e., 12-hour and above) usually play a more significant role in price action than lower time frames.
If Support is broken, it may become Resistance, and vice versa. A Line Chart can often make it easier to identify these levels.
Dec 21, 2023