Just a quick post. A few days ago I published a detailed look at Ethereum which you can view here. Below is the chart shared that day.
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In the post each trader was encouraged to ask themselves what was their risk appetite. Personally, I prefer to wait for Big Levels, i.e. levels of Buyer/Seller support and resistance on higher timeframes within a well defined range. Once these levels are identified, one can then find specific entry areas within those levels on lower timeframes.
The post highlighted the $690-$746 Lower Range on a higher timeframe.
Here is today's chart:
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As you can see price came right to that level and reacted off of it. Does this mean I am some magical wizard, well, as much as I wish it was true, the answer is a resounding "no." The truth is, markets have a memory. There are areas where Buyers/Sellers have stepped in with conviction in the past and that means there is a high probability that there are still Buyers/Sellers in those areas. That doesn't mean that the level will hold, it only means that at one point in time there was conviction at the level. We can use these levels to help us establish or liquidate our positions.
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.
Where can I find that lower chart? I keep looking for it on TradingView but it eludes me.
Great job on the prediction. Now, who's gonna win the Super Bowl... lol
You can find lower timeframes on the Bittrex chart If you want to get a really good look at Bitcoin, Litecoin, and Ethereum you can go to SimpleFX and open a demo (or live) account and you can view it on MT4. Other options are a Bloomberg or Thompson-Reuters Terminal. Since it's the day after the Super Bowl I will go with the Eagles lol @itscyptoant
Thank you. Good luck.
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