Question #115 ·
What are the key support and resistance levels for Bitcoin and why are they important for price trends?
- Bitcoin always moves cyclically between major round targets despite changing market context invalidating technical trading signals.
- Support and resistance levels are randomly assigned by exchanges based on arbitrary secret internal daily formulas.
- Support at one hundred ten thousand and resistance near one hundred thirteen thousand determine trend boundaries. Right answer
Why is this the correct answer?
This is correct because support levels act as a floor where buying interest often increases and stops further declines. Resistance levels act as a ceiling where selling interest may cap gains. In October, Bitcoin tested support around one hundred ten thousand multiple times and struggled to break resistance near one hundred thirteen thousand. Beginners learn that these levels help identify likely bounce or reversal zones in price charts.