How can I use drawing tools on TradingView to identify support and resistance levels in cryptocurrencies?

3 answers

• ManiMay 21, 2023 · 3 years ago
  Sure! To identify support and resistance levels in cryptocurrencies using the drawing tools on TradingView, follow these steps: 1. Open TradingView and select the cryptocurrency chart you want to analyze. 2. Click on the 'Drawing Tools' icon located at the top of the chart. 3. Choose the 'Horizontal Line' tool to draw a line across the support or resistance level you want to identify. 4. Adjust the line to align with the relevant price points on the chart. 5. Repeat the process to identify additional support and resistance levels. By visually drawing these lines on the chart, you can easily identify key levels where the price has historically reversed or stalled. This information can help you make more informed trading decisions. Happy analyzing!
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• DossiJun 11, 2023 · 3 years ago
  No problem! If you're looking to identify support and resistance levels in cryptocurrencies using TradingView's drawing tools, here's a simple guide for you: 1. Launch TradingView and select the cryptocurrency chart you want to analyze. 2. Locate the 'Drawing Tools' icon at the top of the chart and click on it. 3. Opt for the 'Horizontal Line' tool to draw a line across the support or resistance level you wish to identify. 4. Adjust the line to match the relevant price points on the chart. 5. Repeat the process to spot additional support and resistance levels. By visually marking these levels on the chart, you can gain valuable insights into potential price reversals or areas of price congestion. Remember, support levels are where the price tends to bounce back up, while resistance levels are where the price tends to meet selling pressure. Good luck with your analysis!
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• Handberg BoisenApr 21, 2021 · 5 years ago
  Certainly! Here's a step-by-step guide on how to use the drawing tools on TradingView to identify support and resistance levels in cryptocurrencies: 1. Open TradingView and select the cryptocurrency chart you want to analyze. 2. Look for the 'Drawing Tools' icon at the top of the chart and click on it. 3. Choose the 'Horizontal Line' tool from the options available. 4. Draw a line across the support or resistance level you want to identify on the chart. 5. Adjust the line to align with the relevant price points. 6. Repeat the process to identify additional support and resistance levels. By visually marking these levels on the chart, you can spot areas where the price has historically struggled to break through or where it has found support. This information can be useful for making trading decisions. Happy charting!
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