ETN Technical Analysis Society

Just remember to check out things with normal candle sticks before executing trades. Moving averages and RSI and everything is a bit different on heikin ashi :v:

*I recommend to check out BTC on monthly with heikin ashi. It is amazing! :smiley:

Major sell walls are now gone on Kucoin. Pretty much clear way all the way to 50 sats if there are serious buyers coming in.

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Kucoin 8h chart: (EDIT: Replaced the screenshot with a fresh drawing that is more accurate and took out all the indicators that were showing nothing but neutral indecision)

ETN has worked its way back into the descending wedge after falling under ~week ago thanks to the big buy volume you see at that time. Unfortunately it was not enough volume to break us through the wedge top resistance line. We have since dropped to test the .786 fib line, which did not hold. But the wedge support line has. Now we are fighting to get back over the .786 line in hopes to use it as a support while approaching the wedge resistance line. If we don’t get over the .786 line I fear we will drop as it will prove to be too much sell pressure once it converges with the wedge resistance.

Overall volume is very low, as has been the case for a while. It won’t take much to move us either way.

The MACD is as flat as I’ve seen on any coin in my time doing amateur TA. It has a ever so slight buy signal right now…but overall it’s a coin toss.

As with the MACD, the RSI is sitting at the exact neutral 50 position.

Overall assessment, the bulls are confused. The bears are confused. No one seems to know what they want to do and are simply waiting to see what happens with BTC and the ETN project overall. I’d say it’s a 50/50 game right now in terms of which way the price will go, but I’m sill bullish based on project news and what’s happening.

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We have slightly less than 2 hours left in the current 8 hour candle on Kucoin. We are currently testing the resistance line of the wedge. Even if we simply hold the current price as depicted on the screen shot, we’ll close and the next candle will be above the resistance line. This could be a VERY interesting next few hours…

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We officially closed the candle above the descending wedge! Let’s see if we can hang on and move up now…or will it be a repeat of July 31 / August 1…

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Yeah we get a little bit of a momentum shift in ETN/BTC.

ETN/BTC:

But I think that correlates with BTC Dominance dropping over the last 2 days. It’s not a trend reversal imho. We need to see more volume and ultimately some nice pattern like a double bottom would be good.

BTC Dominance Chart:

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Bitcoin and BTC. Dominance keep falling.
Alts get a little air to breathe. Dominance is not in a downtrend yet though.

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I fully expect BTC to drop to at least ~9800 and could go as low as 8500 before it gets a big boost toward 16-18k. I do not see BTC dominance going into a down trend until Feb/March of 2021 at the earliest. But, this is crypto and no one really knows…lol

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Hi, do you mean etn will lose its value untill that point too?? Better sell and hold btc?

nobody knows…might dump, might pump…

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Some would suggest that, but that is for you to decide. I personally am not because a) just about everyone selling now is selling at a loss, which is never advised. And b) as stated above by KarEnTam, you just never know what will happen.

My strategy is accumulation and dollar cost averaging. I know ETN will be successful in the long run. I am not worried about that at all. I am simply buying more and more as BTC dips.

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Many alts form something that looks like a setup for a double bottom reversal pattern on the weekly.

That is exactly what I’m looking for to move back into the alts.

What do you think will it play out ? Or will BTC crush alts even more ?

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Huge news just came out about the launch of Bakkt bitcoin futures ( phsyically settled ).
This could be explosive.

From their official website:

Considering my last post. I have no idea how alts would react to that.
If BTC price rushes to new all time highs thats probably good for alts mid term. But short term they may get crushed more.

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I am expecting an alt bloodbath with a BTC rise…but so far the Bakkt news has fallen flat. There has been a small increase, but most people are of the “I will believe it when I see it” camp when it comes to Bakkt since it has been dangled in front of the market like a carrotfor a long time.

But, I fully expect ETN to stay 40 sats…because that is what it seems like it wants to stay at forever.

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If it was guaranteed that etn would stay at 40 sats I’d go allin :smiley:

I think we may have more room to the downside if BTC starts another sharp rise.

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The market psychology…when good news do nothing to price or it drops it is still in a bear market…the phase we are in now can look like the awareness phase…and we all know where that leads :slight_smile: “BTC”

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BTC Dominance starts to look interesting.
This weekend alts got some love it seems.

Can’t wait to see how next week developes.

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