Back up to 200k volume. Spent some time at 150k there. Was a little…well it was something.
The volume is coming at a very odd time…so we will see if it continues into prime US hours in a little bit. Hopefully it is indicative of some impending news…or it just might be the bots making volume to see what real people will do based on the support and resistance lines about to collide
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To me it seems someone bought around 7M ETN or around 3BTC worth of ETN on huobi. Then the arbitrage bots did the rest. But good thing nonetheless.
quite clear on the hourly chart on huobi. And Kucoin spiked a bit (less than on huobi) right thereafter.
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That is exactly what looks like happened, which is both good and disappointing at the same time since it did not create any sort of sustained move. I am expecting some sort of move today, but the absolute last day for this price point (at least on my charts) is tomorrow. So it appears August 1 will be a day of a new price…we’ll see…
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Dear ETN, you been for a long time in bear. I think its time to release Sep 2018 bull.
Dear Bull, take us past 80 sats. Then other bulls will come help you.
Thanks, your ETN bag HODLER
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It’s been trying real hard to break up! A sustained 48 sats is a win right now, but I’m expecting something a little higher than that…
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Interesting to see what happens with ETN today then.
What do you think to the reports that BTC could be heading down again, to around 8k as it is trading lower than the 50-day average and then possibly down much lower?
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Yeah, Ibdon’t know what to say about ETN. It is obviously heavily manipulated and that concerns me. You don’t cut emissions by 75% and have this kind of price action for this long. It just does not make sense.
In terms of BTC, it is certainly possible we head down to around 8200. Anything lower is always possible but highly unlikely. It broke up from a massive pennant yesterday, but it could be a fake out. I am not able to see my charts at the moment, but looking at the price action on coinbase, it appears to be a bull flag after yesterday’s break up. But we will see…
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I suspect there’s still a huge amount of ETN in the hands of ASIC owners since they were given free reign however long ago it was, and probably will be for some time.
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My humble opinion on what might happen to BTC?
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With the latest rise of BTC.
The BTC Dominance did also rise, removing most gains Alts made. Anyways BTC on the daily still looks to be in a downtrend, which may give more steam to the alts.
But we are in no way in an alt cycle yet for this we need to see these rapid big red candles on the BTC dominance chart. However I think BTC dominance will soon top out.
My highest target for a BTC dominance topout would be if we break 20k$ in BTC. I think it will create major retail fomo (already started) and also move lots of value to the alts.
Gotta keep a close look.
Is ETN breaking down - now at 46 sats?
9-days ago we were at 0.004857c and today we are at 0.004831c
9-days ago BTC was at 9887.00 and today it is currently at 10,534.00.
The obvious conclusion is that we are keeping track with BTC, cent wise. However, it is still a slow reduction in sats and when BTC tanks ETN does not seem to increase with the corresponding drop in BTC.
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Short answer is yes. Right now ETN is a stable coin pegged to $0.0043 to $0.0048. If BTC sky rockets, ETN sat value will go down but stay pegged to that USD price range. Until there is significant progress with the project, it will remain pegged to the USD price more than anything…which is unfortunate. But most of the smaller cap alts are in the same position so this is not unique to ETN.
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Looks like we got our move and it was exactly what I expected since BTC moved up. Had BTC moved down, ETN would have increased in sat value. The silver lining is it is keeping the USD value, so in that aspect ETN is moving sideways.
Looking at the chart, there are two downtrend lines and you can see we fell where they started getting closer together near the 47 sat support line. The good news is 42 sats (on Kucoin) is a very string support line, so we should see movements between it and the continued downtrend resistance lines.
All in all, this is about what I expect over the next ~7-8 days…I don’t know if we’ll break up like I have drawn at the end, but it is wishful thinking on a coin that seems to be heavily manipulated. We could very well drop again.
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Well against USD we seem to be in an uptrend if we can keep this structure intact:
Against BTC I want to see if we can find a bounce in the .618 area. That would be really bullish imho.
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Kucoin 8 hour ETN/BTC chart:
Lots going on here. Here is exactly what I’m looking at:
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We obviously broke the (typically bullish) descending wedge to the bearish side. However, when you break a wedge, there is usually a much more impactful move than what we have seen. This could be indicative of a “fake out” which could see us propelling back into the descending wedge over the coming week. We’ll see…but I’m not going to hold my breath unless we hear something of significance which is long over due.
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The 42 sat range is acting as support (show by the green rectangle). However, without significant news I expect that to be broken with the next stop being the all important .786 line at 40 sats. The .786 line is typically the strongest bounce line of chart action between the most recent swing lows and highs on the fib retracement tool.
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Volume is abysmal and has been declining which is indicative of a bigger move being immanent. Whether the move consists a big red or green volume candle is yet to be determined, but right now it is looking very bearish.
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The MACD chart shows a bearish down cycle with the lines starting to get some distance between each other on the histogram (this is not good on a down trend)
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The ONE indicator that gives me much hope. The RSI (labeled CRSI on the bottom) is approaching historical lows (the yellow line at ~3.5). That line has never been broken (granted there isn’t much farther to go between 3.5 and 0). But as you can see we are about to touch it which is hopefully the signal for the bulls to come in…to who knows…it wouldn’t be a surprise to see it hit 0 at this point.
I’m not sure what else to say at this point. This is unfortunate that the sat value is sinking to these levels, but it’s not just ETN. ALL alts are sinking to BTC’s dominance. The media hype with BTC is real and BTC will continue to gain dominance until the retail bulls come out to play and start buying up cheap alts to lower the BTC dominance. The silver lining is ETN is keeping track with USD value. So if that’s what you care about more than sat value, you can smile because the USD value is actually more in an uptrend.
Okay, nap time.
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Looks almost too easy with Heikin Ashi candles and RSI.
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I’m not sure what you mean by that? What almost looks too easy?
Update from my post earlier…we bounced off the RSI line at the bottom. Hopefully it continues in an upward direction…
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The trading looks almost too easy. Buy Green, sell red at RSI resistance. Now Perhaps buy if we get a green at RSI support. More confirmation to buy if we get above 9-EMA. Heikin Ashi candles are great momentum indicator and now we have had mostly moves with great momentum.
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Update from ETN Technical Analysis Society post above. What has happened?
I’ll correlate what’s going on point by point:
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We dropped out of that descending wedge but as I mentioned, I was expecting a much steeper drop. Breaking any wedge is typically a very explosive event…but this one was kind of a whimper and I suspected it was a fake out drop. So far, it looks like that may be the case…but we still need to break back into the wedge. If we do, we could see some fireworks in the upward direction.
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As anticipated, 42 sats did not hold and we went to test the .786 fib line and we got a bounce. That’s the biggest bounce line on the fib retracement tool and it has not disappointed here. Let’s hope it continues.
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Volume did reach to extreme low numbers and we are now seeing more volume come in to the up side…but it’s still low. I suspect a bigger move is coming. Hopefully in the upward direction.
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The MACD lines closed in a hurry and are about to cross forming a buy signal…they aren’t quite crossed yet, but it’s very very close.
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The RSI did not disappoint. It was almost dead on. We did drop slightly below the yellow line to form a new low on that indicator, but it was close enough to be rewarded with a nice bounce.
Let’s enjoy the small victories…but we have a long way to go. At least we are officially over a half penny again!
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