Since my previous thread became kind of messy here is my latest TA on the ETN chart.
So we were tumbling down, while we saw some support levels being broken.
Our first support level was at around 310sats. We saw a nice bounce but got rejected on the .618 Fib line which was a strong sign for more downwards momentum. On the 15min chart we can see that we also found support on the 0.5fib line which I was looking for as a target but we saw a quick rejection on previous support which could mean more downwards momentum. The whole move was supported by really nice volume which is a good sign that we may not drop “much” lower.
So I’m currently looking for some kind of base to build or some kind of double bottom to form either around the 0.5 fib line or the .618 fib line. Some panic selling may still occur so there may be really good prices with relative low risk still possible if you just have a buy order at like 250sats or a little lower.( A break and hold below that would be pretty bearish though and we may see more downwards movement and probably a drop in volume. )
If any of these occur I put a trade with a stop loss under the lower fib line.
Edit: 15 min chart looks like its forming a tiny double bottom. Gave it a try at 273sats. Preparing to possibly not hold onto though.