You go to your Bitcoin chart, find out the previous day's high price of bitcoin, low price of bitcoin and the close of price of bitcoin of previous day. Once you have all these three figures you can calculate Daily Support, Resistance and Pivot.
Pivot
Pivot is the point at which the sentiment changes from bull to bear and vice versa.
Pivot Point=(High+Low+Close)/3
Support
There are generally three support points like S1, S2, S3 with S3 being the strongest support among the three.
S1= (Pivot Point * 2) - High
S2= Pivot Point - (High - Low)
S3= Low - 2 * (High - Pivot Point)
Resistance
Just like Support, Resistance has also three resistance points like R1, R2, R3 with R3 being the strongest resistance.
R1= (Pivot Point * 2) - Low
R2= Pivot Point + ( High - Low)
R3= High + 2 * (Pivot Point - Low)
Thank you and Have a great day.
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