Time for a technical look at Ethereum. There is an important point in this chart which will speak to the issue of 'when trading you must know yourself and your risk profile.'
So, here's the 24 January 2018 12:00 CST 4 Hour Chart of Ethereum.
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As you can see from the chart we are still between the $1322-$1381 Upper Range and the $690-$746 Lower Range. So the question become is this something that can be traded? The answer to that question is what is your risk appetite? There is a higher probability of success when you trade at big levels. [Big Levels - Daily and Weekly Levels]. But if a person likes to be more aggressive in their trading then there are some shorter-term levels of interest. Specifically, the $1035-$1071 level.
We can see that price approached this level and, once again, Sellers pushed it back down. Will this level hold? Who knows, all we can say for certain is that over the past few weeks Sellers have won the battle at that level. If Buyers are able to get a solid close above that level then the level could serve as a short-term buy level. Again, without a bigger level confirming this level, this is definitely a more aggressive level.
The important thing to consider as traders is what is our risk level and what is our psychological makeup. The old adage of "Know Thyself" is more true in trading than any technical or fundamental analysis.
This article is intended for educational purposes only and not meant to convey any financial advice. Trading can be a risky venture and personal due diligence is required.
nice post, very intersting analysis, i have aquestion, what is your opinion about ripple
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Thanks, I just took a quick glance at Ripple. The $0.96-$0.82 level established between 20 December and 25 December 2017 held nicely. Currently, it is in a "no-man's land" for me personally. It does appear to be creating a base. i would prefer to see a retest of the $1.05 area before adding to my long position.
As for a fundamental view of Ripple, I have read great things and invested in them earlier. I currently don't have a position but am interested in re-establishing a position. If, and that's a big If, Coinbase were to add Ripple I think it would have a big impact on price. Recently, there have been some concerning articles about Ripple not really being decentralized. But this is all fundamental stuff, I much prefer technical analysis. Thanks for the question @mrfoodguide I will try to add a more detailed analysis of Ripple in the future.
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