The point where you buy or sell your currency is matter a lot. We can learn it by Elliott waves.
Hi Traders,
This is the 4th part of the series "How To Earn By Crypto Trading" and today we will talk about "Some Basic Of Elliott Waves". What is Elliott waves and how it works?
What Is Elliott Waves ?
Elliott waves is used to predict the price by analysis of their historical cycle data and price. Although the data will not be 100% correct but there are huge chances. The market follows the Elliott wanes rules and if we can learn some then we can make good profits.
You can read my previous post here below
"Balance Your Investment And Invest Wisely"
"Create Portfolio For All Of Your Investment"
"Create Your Goal And Make Sell Bid Today"
How Elliott Wave Works
Learning Elliott waves is easy but hard to master it. I will show you some basic rules by below image. Where we will learn about.
- Support level
- Resistance level
- Breakout
For better understanding, start reading with green lines then orange then blue and in last the purple ( Purple I Think ) one.
Resistance Level - At which point the price of the coin starts going down many times before. As shown in image ( Green Line ) the price of coins goes down after this point and same happen last time too. So this called resistance level and believed that the coin may follow the same scenario next too.
Support Level - At which point the price of coin starts goes up. As we can see in the image ( Orange Line ) the price of coins start going up after touching this point and same happen last time too. So this is called support level and believed that the coin will follow the same scenario next time too.
Breakout - breakout is a point where the waves don't follow resistance or support level. There are two types of breakout, Support level breakout and resistance level breakout.
When the price of coin go below its support level, as we can see in the image ( Blue Lines ) the price of coin is down to its support means break it support that's why its called support level breakout.
When the price of coin go up to its resistance level, in the image ( Purple Lines ) opposite to the support level. It is called resistance level breakout.
There are lot more to learn in Elliott waves but these were some basic that any crypto trader must need to know. Let me know if you like this post of not, also don't hesitate to ask me any question related to the post.
Please do not take it as a financial advise. THIS IS NOT A BUY REQUEST. It is just my analysis,opinion and result of readings. So before investing in any Crypto currency, do your own research first. I will not be responsible for any losses
Thanks for reading...
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