ETH Update
Good Morning traders & friends!
Hope you guys survived the massive dump on early morning of Sunday. If you did not, please do not get emotional and try to focus on current and future price action, let the past go since that's water under the bridge and worst is gone. Remember, as a trader, you should always learn from your mistakes, and there is always time to correct your mistakes! In fact, I will soon write a script about Psychology of Trading that hopefully will be a help for newer/amateur traders.
Back to technical, in my previous analysis (link below) I predicted that price action and I said 161.8% will be a quote "Extreme Resistance" level. I myself closed all my position at $404 and was out of market 45 minutes before that massive dump. As a general recommendation and based on my experience, Sundays are NOT fun days for crypto market. So I usually close my positions before Sundays and enjoy hanging out with friends and my cold beer.
That being said, ETH survived the dump and recovered faster than other major cryptos. That to me indicates that whales are less in control of price action in ETH (A good sign, Congrats to ETH, LOL). I think we will retest $400 region again today, not sure if we can pass $404 or 161.8% Fib Extension or it gets rejected. I personally think ETH will struggle for some days around this critical level before eventually decides which direction it chooses to go.
For now, Happy Trading.........
Hope you guys survived the massive dump on early morning of Sunday. If you did not, please do not get emotional and try to focus on current and future price action, let the past go since that's water under the bridge and worst is gone. Remember, as a trader, you should always learn from your mistakes, and there is always time to correct your mistakes! In fact, I will soon write a script about Psychology of Trading that hopefully will be a help for newer/amateur traders.
Back to technical, in my previous analysis (link below) I predicted that price action and I said 161.8% will be a quote "Extreme Resistance" level. I myself closed all my position at $404 and was out of market 45 minutes before that massive dump. As a general recommendation and based on my experience, Sundays are NOT fun days for crypto market. So I usually close my positions before Sundays and enjoy hanging out with friends and my cold beer.
That being said, ETH survived the dump and recovered faster than other major cryptos. That to me indicates that whales are less in control of price action in ETH (A good sign, Congrats to ETH, LOL). I think we will retest $400 region again today, not sure if we can pass $404 or 161.8% Fib Extension or it gets rejected. I personally think ETH will struggle for some days around this critical level before eventually decides which direction it chooses to go.
For now, Happy Trading.........
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