Love this coin!
What sort of volume would you say we need
50m+ on the daily atleast I’d say, but the market should technically be quite sold out right now so semi low volume could potentially suffice.
I know many people rely on volume as an indicator, for me not so much, Ellieot wave patterns is my map
There are coins with far less volume than ours that have swings of 20/30% or more. These are nearly always manipulations, hoping to suck in new money at the higher price for them to sell out at a quick profit, wait for the dump, buy back in and start over. As @Sk8Monkey said above, someone who shall not be named, tweeted they were going to start this fire and he/they may well have done so but is he/they going to let the embers die out or will they put more coal on the fire today - that is the question!!
As @Tika says above, you don’t have to have massive volume to move price but you do need consistent higher volume to build and sustain a higher price.
Two major resistance areas (red) if we can mange to cross this barriers, we can rely on a support (green) area that will hold!
I dont see any reversal yet.
BTC dominance lost steam to the upside with BTC going sideways for so long. If this keeps up I believe BTC Dominance will slope down.
ETN chart is still very bearish.
We already had many many failed rallies.
All failed rallies until now:
I still wait for a close over 72sats and would choose the next support level as an entry to buy into ETN for a trade.
For longterm obviously any time to buy is great at the moment.
The good news is we are over the 4 hour EMA ribbon for the first time in quite a while. That ribbon will provide some decent support in the short term, as it already has while we have been fighting the 37/38 sat horizontal resistance (where the 50 day EMA happens to be making it that much harder). We’ll need some decent volume to get over that hump. We are not out of the woods, but this is better than going sideways/down!
What are we looking at here… A flag of some sort… Only just started looking at ta and still learning😊
CORRECTION: That would be a pennant (originally said bull flag). Bull flags are generally more down sloping continuation bullish formations after forming a “pole” (which this one did with the move upward) that generally break up.
This is more of a symmetrical pennant with no defined slope which could break either way. However, pennant flags generally break which ever way the trend has progressed the most in the flag. i.e if it has been riding the support more, it will most likely break down as that support weakens with being constantly tested (and vice versa with the resistance).
I am not fully convinced this uptrend is an organic bullish move quite yet and I’d argue that this one looks more bearish. You can tell because the wicks are longer on the upside when we have tested resistance while the wicks are much shorter on the support tests…but, this is crypto and you can never be too sure.
Edit 2: I’ve been fiddling with my chart and there are a number of ways you can draw this up on different timelines. This is tough. Depending on how you draw the lines, it looks slightly more bullish in some cases while slightly more bearish on others. This is a coin toss. The good news is it doesn’t really matter at these prices if you buy and it goes down…it’s not like we won’t go back up. It’s a steal of a price either way (NOT FINANCIAL ADVICE!)
Taking the wicks out all together on the 4 hour Kucoin chart, it looks more bullish to me. Why? Because we have a horizontal line of support directly under the pennant support line. That will require some nice volume to break. Solely based on this chart alone, I’m more bullish than bearish…but, this is crypto…
Has anyone else noticed that at least in Kucoin in the recent trades some trades come in pairs? At exact same time there is sometimes exact same amount bought and sold. If this is Algoz doing “market making” I’m not quite happy with their approach.
Bots are rampant…it’s not necessarily Algoz. In fact I would hesitate to say it is algoz at all. If algoz is doing anything, it’s probably buying hard on dips, not wash trading. But to assume anything is pure speculation. All we know for certain is there are bots on all exchanges…who they belong to is anyone’s guess.
Isn’t that just the person who is selling to the buyer?
Nope. They are marked as red if a new sell order (market buy or limit order) matches the buy order in the order book and marked as green if a new buy order matches a sell order in the order book.
The reason why I pointed out it could be Algoz in my view is that they are losing money with these trades. From what I looked at those trades they are all the time buying higher and selling lower. Also they make losses in the trading fees. I think only ones to gain from this would be either Kucoin or Algoz. Other one might be trying to get users on their platform and the other one could be trying to “provide liquidity”. I think it is the latter. But heey this is just a theory, a crypto theory
yes, it’s all theory in an emerging market. All I care about is the long term and seeing green candles. I also look forward to being able to use my ETN at stores/amazon IN the US someday!
Did we break out of the pennant from the screenshot above? By definition we did. But the volume is so weak we haven’t seen any kind of upward movement. It’s simply that the sell pressure is slightly less than the buy pressure, lol.
Edit 4 hours later:
Looking good so far.
BUT, volume is still low and tailing off further. Be careful. (NFA)