ETN Technical Analysis Society


#1

This topic is being started to give a place to centralize technical analysis ideas for Electroneum. This should be a place to learn and teach different methods of TA so we all can benefit.

Keep in mind that technical analysis is just a tool and does not trump fundamental analysis of an investment. Just because the technical analysis points to price moves in either direction, there are never guarantees that the price moves accordingly.

Happy TAing!


#2

Good idea. I kept starting some TA threads. But I love to see others opinions. Maybe we can also post TA for some other coins we like.

Well to start things off. ETN liked to bounce from the 0.5 fib level. If this trend continues we may form a cup and handle formation with a target around 490-500sats. A breakout with volume through 390-400sat area would provide a nice trading opportunity.

0.5 fib bounces

Cup and handle ?


#3

Thanks for being the first to contribute your idea @CryptoMatt! Are you using the 1D timeframe and RSI indicator at the bottom?


#4

These are done on the 8H chart. On the daily it looks very much alike though. Just RSI is a little higher.


#5

The chart below is for the ETNBTC pairing on Cryptopia in the 4HR timeframe. It shows hidden bullish divergence as the price has a higher low while the RSI oscillator shows a lower low. This typically happens during retracements in an uptrend, indicates underlying strength. Great entry or re-entry point.
The electroneum price movement is looking very good right now in the 4HR time frame.


#6

That is a bearish divergence ;).


#7

Remember there are two different types of divergence, regular and hidden. I found my old cheat sheet to share. Hope this helps. We are definitely looking at hidden bullish divergence.


#8

Nice had to google it as well. Never heard of that. So a bearish divergence in an uptrend is called a bullish hidden divergence.
Would make sense unless the trend ends x).

Thanks for the enlightenment :smiley:


#9

Just call it divergence and refer back to the chart to find out if it’s bullish or bearish. :slight_smile:


#10

Yeah I see. But I cant put a trade on that. Unless I have a stop loss in place.

Edit: I guess since its also a bounce from 0.5fib line and uptrend seems stable maybe you could actually.


#11

I agree. I just use divergence as an indicator to look for upcoming trend reversals or continuations. I use candle stick patterns to help with trade setups.


#12

Yeah that sounds reasonable. On the BTC chart we saw some of those “hidden divergences” lately and they led to a big drop. But its good information to have :slight_smile:


#13

Just a small fib extension on the previous runup. Followed by an elliot wave that could show us new price targets and support/resistance zones. It also lines up with the cup and handle I posted previously.
I dont see us in a beartrend right now so I wont even consider these scenarios. But still always trade with a stop loss in mind.


#14

I also want to add that we are currently at a good entry point to trade that cup and handle formation, since the handle broke out of the downtrend. But I personally prefer us breaking above the “cup”.


#15

I like the name of this thread. Has promise to become fight-club-esque.


#16

Goodjob everyone on those TA i like to keep track of those to see where we are heading :rocket:


#17

Thanks for your educational input, me I’m a dumbarse when it comes to TA but I appreciate this and will watch and learn


#18

i think it’s forming head and shoulders pattern , i dont wanna see dump but it look bearish to me, if you notice when the whale come to kucoin and start to manipulate the market with his 10btc , sell few millions and ready to buy cheap to force dump , i hope it forms rising wedge rather than head and shoulders, what you think ?


#19


#20

Meanwhile in BTC land