Almost everyone does support and resistance levels incorrectly. People believe that past resistance points, fib, pivots, etc are support and resistance. Eventually there comes a tipping point where you realize that these are incorrect as well. The people that are trading these are showing you exactly where they will enter and exit. This is what you trade against...zero-sum in action!
Real support and resistance is found in the market where the stop orders are placed, and new orders are waiting. The "clustering" of the present orders in the current market make the resistance points that are worth trading.
Money is made where money is lost, flowing from a lack of experience to experience. For example....the current drop in Steem, taking out all the stop orders placed in the market. Now that those are liquidated, the market is mainly comprised of buy orders...and will continue its rise!
My two satoshi...