ETN Retracement rebuy/trade Idea


#1

Hi!
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.


#2

Heres the tiny double bottom. Maybe it plays out and moves us to previous resistance for a retest.

grafik


#3

What are you using for your chart analysis? Website that is.
Keep up the great work! I enjoy reading the content


#4

Thanks :slight_smile: I just use the kucoin chart its connected with “tradingview”
https://www.kucoin.com/#/trade.pro/ETN-BTC


#5

Nice! Okay I only have a cryptopia account and honestly the UI is pretty laggy,not that impressed, but I checked out kucoin just now. So much nicer! I’ll have to create an account with them.
I’m not much of a trader, but I am just trying to determine an ideal entry position to add to my holdings.


#6

Great approach. Always buy low no matter if you hodl or daytrade. Kucoin is also a bit cheaper than cryptopia at the moment.


#7

grafik

Target on that tiny double bottom was reached. Pretty bullish short term sign. Now we have to retest resistance at aroud 310sats (maybe 300 at cryptopia) to see if we can break through and hold above it.


#8

For sure. I noticed that too. I’m just trying to decide if I just should add now or wait a few days and see if this correction bottoms out a little lower. Guess we’ll see! Thanks man! Keep up the good work.


#9

Its not the worst entry point imho. I was looking for that level since we topped out at 400sats. But its important that you do your own research.


#10

grafik

Retest happening. Thats escalating quickly.


#11

grafik

We are forming a kind of double bottom or ascending triangle.

A breakout to the upside with volume would be tradeable and leaves us with a target of around 320sats.


#12

Well we just broke out. You could either trade that pattern now or wait for a little more volume to confirm it (recommended).


This is the 5min etn chart.


#13

Here are my buy signals (green) and sell signals (red) from the past weeks :). Looks pretty nice imho.


#14

Buy time! Golden cross formed.


#15

On what timeframe are you looking ?
I can only see a death cross. which is bearish.

A little hard to see. Blue line is 50hour MA and gold line is 21 hour MA.

grafik


#16

i set chart at 1d 15min


#17

On what timeframe are you looking ?
I can only see a death cross. which is bearish.

A little hard to see. Blue line is 50hour MA and gold line is 21 hour MA.

grafik

yeah thats a death cross


#18

I’m not sure how strong this indicator is. The candlesticks show a possible trend reversal already. But I dont mind another dip.

There is huge volume being processed right now. Bulls vs Bears. We should see who has the upper hand soon.


#19

Not sure if we can hold that momentum so stop loss is placed around 300sats.
I would like to see more humble candles slowly climbing up and some small pullbacks in between pretty please :smiley:


#20

Am not doing much at the moment just watching the .618 fib level. I think if we break below that with volume we may see some more downside. Other than that things look pretty neutral -good.

Creating higher lows and higher highs is very bullish.

grafik