Support (also known as support level) is a price rate that represents a “bottom” which historically, the price rate had difficulty to fall below. Support levels usually incorporate the asset’s value and traders’ psychological barriers and beliefs. When a price rate progresses downwards towards this price level usually there will be an increased volume of bids from traders that predict the price will not go below this price level. The support can be identified by looking in historic records or by using indicators like the Fibonacci retracements. The opposite of support which represents a price level that the price rate has difficulties to cross upwards is called resistance.