We failed to break 0.0045USD resistance and failed our support level around 0.0038-> 0.0040 which will now be our nearest resistance instead as we fell below the zone.
Weāre having a slight buyback on the BTC pairing at this very moment but I have personally 0 faith we will break up through the 0.0038 zone for the time being.
Seems our bear trend aint ever gonna end regardless of what happens as we made yet another ATL on the USD pairing yesterday. The faith lays in the success of the GIGS and that the majority of gig workers wonāt cash out in the short term future.
However for the longterm Iām still faithful that eventually the supply will be to short for constant selling pressure.
Time will tell, for the time being bulls canāt be found and the bearmarket is going very hard still.
*edit reason spelling correction
Edit* The BTC pairing fell down to the āgolden pocketā between 0.786 and 0.618 fib retracement and is seeing a bounce from there, best case scenario I can see is we get a pushup from here to 48~ sats and continue down from there.
But weāre already struggling on hourly chart in this bounce. We will see what the outcome isā¦
Take care everyone
Edit* And as per usual this is not any advice to enter the market. Purely speculating for myself here and sharing it if anyones interested
Take a look at the big picture chart. Forget all the short term TA. To me, it looks like a giant cup is forming and we could very well be past the lowest point. I donāt need anything more than this chart coupled with the knowledge of what will be released throughout the next 6 months.
A little late on the reply, but Iāve been busy. I hate work! I do not put any stock into that head and shoulders pattern @CryptoMatt
Itās not well formed and itās a long stretch to say that is actually a head and shoulders. It is completely deformed from left should to the head to the double right shoulders that donāt even conform to the definition of what a H$S pattern is. It is kind of like saying the hunchback of Notre dame is a magazine cover QB for a sports teamā¦they have the same general formā¦but, noā¦just no. ;p
Granted, ETN volume isā¦wellā¦for a lack of a better term, pathetic. But I do not believe it will stay that way for much longer (I hope). One thing I will put a little stock into is the near perfect rounding parabola we have formed starting back on May 14th. This is nearly a 6 month pattern that I do not believe will be broken, which by nature negates the possible H&S target of 30 sats. Of course I could be wrong so no one take it as financial advice, but I donāt think I am. With that said, itās possible BTC could sky rocket to $20k, in which case ETN sat value could absolutely tumbleā¦but if we are assuming semi stable/standard BTC moves, I think weāll stay the course on ETN sat price.
You can see 4 perfect touches on the rounded bottom and we have a bullish (slightly) descending wedge (purple lines). I say slightly because the lines are almost parallel. There is an actual wedge with the blue dotted lines which was technically broken, but as with any crypto, candles can make sudden moves to get back into pattern. Those fake moves are called standard deviations. But this is not really a standard deviate because we are still within a stronger descending wedge/down-slope with the purple lines.
A pattern doesnt need to be perfect to be a pattern. Especially with low volume you will rarely get perfect patterns. To me it is a pretty clear H&S. Not saying we have to reach target.
What we could argue about is the target, because of high volatility ETN has big wicks, so maybe we should exclude those which leaves a target around 34-35 sats.
But nontheless Iām impressed with the ETN Team still putting in serious work and working on the project. Not many new alts survived the crypto winter.
So many people were yelling 1$ in 2017. Some even were certain about higher prices without any fundamentals. That was insane. Now on the other hand where everyone lost interest in ETN (cause price is low) fudamentals are getting stronger everyday.
So I believe if ETN can stand the test of time and doesnt run out of resources, they have a decent chance to succeed since cryptocurrencies may gain a lot of popularity in the coming financial crisis.
Chart (ETN/BTC) still looks pretty bad. On the weekly it looks like we may create a descending triangle.
Interest at an all time low with sat price staying stable can only be good long term. The curve in my previous post is still very much in play. I personally do not see ETN dropping under it barring a big move by BTC (which is very possible)ā¦but even then, I canāt say with certainty that ETN would lose much sat value.
What I do know is we are in the optimal buying time in USD value.
Follow up to ETN Technical Analysis Society four posts above. We are following the purple descending wedgish pattern perfectly. The question is will we break it before we get to the green curve support? If we do not, will that curve support be the platform for a move higher? Or will we plunge to the abyss?
Apologies for no price points on this one, but the prices on my Kucoin chart disappeared and if I refresh Iāll lose my lines (and I really donāt want to redraw them until we see what happens on this pattern).
Edit: I did add a resistance green curve after my original post which lines up well in the overall chart. As you can see we are coming to a up-curve point in the coming weeks. For those that do not know, a curve support line is a bullish reversal pattern which is why Iām tracking it.
Very possible considering the lack of volume making the current push up and the fact there is still a small gap on the CME futures going down to ~$8888. 8600 is in the cards on a dip that sharp.
Plus those leverage trading platforms need to shake out those long positions. I think most people are thinking btc going moon any second now, thatās usually a bad sign.
So many ways to draw the charts right now and it is difficult with the indicators giving mixed signals. The good news is the CME futures gap got closed with a wick down to 8360ish. So we donāt have that worry holding BTC downā¦but that doesnāt mean we wonāt take another big dip. Personally, I hope we do because I want more BTC. But if we donāt, I am happy with my current holdings.
Update to my update from ETN Technical Analysis Society (only because we are at a critical junction point of decision on the daily). I believe we are going to see a bigger move within the next 24 hours and let me show you why:
*I apologize for the missing sat values, they are not showing up on my chart for whatever reason and a refresh will delete all my lines on Kucoin (I wish you could save them!).
As you can see from my previous posts coupled with actual price action, the descending channel (in purple) has played out to perfection. The question now is whether the green reversal curve support line (fully shown on this post: ETN Technical Analysis Society) will hold.
My personal belief is it will hold and Iāll explain why.
I believe BTC is going to have a dip. Why? Because it has twice broken upward out of a resistance pattern and failed to have the confidence building volume to trigger any sort of FOMOā¦only to fall right back into the same pattern it should have blasted off from. To me, that shows a lot of weakness and I believe we will see a dip to around $8500. Why that price? Two reasons. First, it is the calculated measured move in the pennant pattern it formed after the run up on Oct 25th. Second, it is the .618 fib line from that same swing low to swing high move. It make a lot of sense for BTC to dip to that before continuing upward. Will it happen? No one can know for sureā¦but my personal belief is it will.
How does this relate to ETN? Because if BTC dips, I believe ETN sat value will go upā¦even if it is just to keep pace with the USD value.
None of this is financial advice and is me simply reading the charts in my own personal way. I could be 100% wrong and BTC could blast off to 11-16k tomorrow. Either way, Iām happy with my positions and I hope you are too.
The news about Africa today is providing a perfect bounce opportunity for the reversal curve support. It was literally perfect timing and a part of me believes this unusual announcement on a Wed was no coincidence. Letās see if we can keep the momentum and keep moving up. We need to break that 40 sat resistance line definitivelyā¦
EDIT:
I recreated my chart from home on my work PC. It is not the exact same but the important lines I have been watching are there. It is also a picture since I canāt snip and share on my machine at workā¦bit it gets the point across.
As I was expecting, you can see we are breaking above the resistance line after touching the curve green support line again. If the current daily candle closes above that purple resistance line, we may see some nice upward movement. Very exciting!
EDIT 2:
The daily candle closed and we are above the previous downtrend resistance. I like what Iām seeing. The blue doted lines will come into play now as resistance (if you can imagine them extending further than I have them drawn). We have a long way to go, but we are def going in the right direction.
Aaaaaand there goes BTC (it hasnāt hit my 8500 target, but it did get to 8700 and it may not be done). As predicted, ETN is going up (back over 41 sats and toying with 42) to hold USD value.
What will BTC do going forward? No one knows. But my guess is it will drop to 8537 (at minimum) before it bounces.
Edit 4: (I need someone to reply so I can post againā¦can only have 3 consecutive posts in a threadā¦)
Looking good. Iāve extended and slightly adjusted the blue dotted lines to show where the current resistance is coming from. If we can break those lines we will shoot right to the 45 sat resistance line. Seeing that Iāve watched sell walls from 150k to 1.2 million ETN get eaten on Kucoin in single lump sum trades, Iād say our chances of seeing a nice break to the upside is pretty high in the coming weeks.