Things are getting interesting as we are seemingly breaking out of the descending pattern that we have been in for a month. However, a word of caution. We have a bearish divergence with increasing price on decreasing volume.
Does the RSI or MACD along with rising price indicate bearish divergence? I’m not a big believer that volume should be used to indicate divergence. After all, low volume could simply be an indicator of a pending move that in and of itself will increase volume.
I agree, however Kucoin apparently removed indicators…when I try to add one, the options list is blank. So I can only go off volume:(
Wow that’s a shame. I haven’t been on any exchanges for a long time. Didn’t realize they went backwards in functionality.
Hmn I can still add indicators on kucoin.
BTC Dominance seems to keep dropping at the moment. So holding alts has been a good choice during the last month already.
BTC dumped lower, like everyone expected. Now we have to see if it can form a bottom around 7200$ or if we retest the 6k Area.
It’s the Bittube browser…they work on Chrome…ahhh…
My guess is up to at least 1.618? I am sure rest of alt will follow soon?
AND then the whole pictur?
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.
We’re 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 won’t cash out in the short term future.
However for the longterm I’m still faithful that eventually the supply will be to short for constant selling pressure.
Time will tell, for the time being bulls can’t be found and the bearmarket is going very hard still.
*edit reason spelling correction
Edit* The BTC pairing fell down to the “golden pocket” 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.
Edit* Potential outcome best case scenario IMO
But we’re already struggling on hourly chart in this bounce. We will see what the outcome is…
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 don’t need anything more than this chart coupled with the knowledge of what will be released throughout the next 6 months.
ETN broke neckline of H&S Pattern. Target should be around 30sats.
Volume is still missing though.
A little late on the reply, but I’ve been busy. I hate work! I do not put any stock into that head and shoulders pattern @CryptoMatt
It’s not well formed and it’s 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 don’t 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 team…they have the same general form…but, no…just no. ;p
Granted, ETN volume is…well…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 don’t think I am. With that said, it’s possible BTC could sky rocket to $20k, in which case ETN sat value could absolutely tumble…but if we are assuming semi stable/standard BTC moves, I think we’ll stay the course on ETN sat price.
You can see 4 perfect touches on the rounded bottom and we have a bullish (slightly) descending wedge (purple lines). I say slightly because the lines are almost parallel. There is an actual wedge with the blue dotted lines which was technically broken, but as with any crypto, candles can make sudden moves to get back into pattern. Those fake moves are called standard deviations. But this is not really a standard deviate because we are still within a stronger descending wedge/down-slope with the purple lines.
A pattern doesnt need to be perfect to be a pattern. Especially with low volume you will rarely get perfect patterns. To me it is a pretty clear H&S. Not saying we have to reach target.
What we could argue about is the target, because of high volatility ETN has big wicks, so maybe we should exclude those which leaves a target around 34-35 sats.
Interest in ETN at an all time low:
But nontheless I’m impressed with the ETN Team still putting in serious work and working on the project. Not many new alts survived the crypto winter.
So many people were yelling 1$ 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)…but even then, I can’t 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 I’ll lose my lines (and I really don’t 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 I’m tracking it.
It will probably fake out then dump to 8.6k before we rocket to 11k. Fingers crossed…
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, that’s usually a bad sign.