How and why do we put ourselves into the numbers box?We, humans, tend to make a lot of interesting decisions. Some of them are good, some of them are bad and some of them are just what we currently see in the market right now. 👀 Generally, there is a lot of great market data out there. There are a lot of great indicators, support, resistance and so on. Then we add some more fancy properties into the market where "previous resistance" becomes a "new support". We draw wedges, triangles and seek to foresee the next market move! Now, all of that is great. We are super smart and that can never backfire - right?
Welcome to the land of analysis paralysis and too many limits. A wonderful place where every move faces too much resistance. A "box" where the market can be over-sold and over-bought at the same time. A "box" where the price is struggling between current, past, and imaginary support and resistance. A "box" where the market puts itself into limbo just a day or two after celebrating getting out of the last limbo (last Sunday out and Monday back in). A "box" where a psychological number like ETH $1550 becomes support, resistance, target and major barrier at the same time. Let's just sprinkle some "good-will" actors into the mix, who are plotting for "bull-trap" and "bear-trap" and hey presto - here we are!
Today's technicals:
Position is short
Forecasted highs at ETH $1620 and $1660
Mid-way point at $1470 (basically anything above $1470 is overpriced)
Forecasted lows are loads! Not to overwhelm you I will just say - $1470 and $1400
Have fun trading! 🤑
If you like my ETH technical analysis and would like to get early access to it write "I think inside of the box" or "I think outside of the box" in the comments down below.
