ETN Technical Analysis Society

Good updates @Cryptoman976 :slight_smile:

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thats a lovely smile :slight_smile:

Well, my computer had to reboot and I lost all my lines from the last weekā€¦the good news is I got the sat values back on the screen and it gave me a chance to draw new lines on a blank canvass. My new chart is very similar to the old one so not a lot has changed. Instead of a single horizontal resistance line, I drew a more accurate resistance area.

BTC seems to have some volatility back in it, so everything is hanging on what it is going to do. With that said, we have a TON of support and we are testing it right now.

You can see we are testing the purple former resistance line of the descending pattern and we are also above the dotted blue line lines which are also acting as support now. We also have the curve green line support lineā€¦unless a whale decides to dump a ton of ETN (or BTC sky rockets to 11k+), I donā€™t see ETN breaking below the price it is at right now.

Iā€™m not financial advisor, but if I had some spare BTC Iā€™d be picking up another bag of ETN right now. The odds are in ETNā€™s favor currently.

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We more or less hit the BTC $8500 range target I have had for the last week or so. However, I was looking for it to dip more toward the lower range than higher in the 8500 area, but that is getting very nit-picky.

We have seen it bounce back to the 8700 range after the dip but it is difficult to say if it is done. I would not be surprised to see BTC make another move to 8500, but I would also not be surprised to see it simply work itsā€™ way back up into the 9k+ range. It is a tough call and all alts are hanging in the balance, including ETN.

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I hate to say it but a lot of people will be buying at this point and when people buy BTC, they tend to always say, why does BTC always go down when I buy it.

Looking at the chart, the previous pump probably weakened the support area of 8500, so if that fails 7700 is the next stop and if that fails 6850 is the next and if that fails 5450 is rock bottom and if it drops that low, it wouldā€™ve fulfilled the fib retracement I measured from 3200 to 14000. I am currently shorting a bit, just in case because the bounce upā€¦

Not advice btw.

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Everything you said is valid. However I am placing my bets that BTC does not go below 8500 based on what I am seeing with a descending wedge meeting up with a longer support line dating back to 26th of September (not to mention 8500 is the .618 fib line from the last swing low to swing high). Of course it can break with the flick of a whaleā€™s pinkyā€¦but I am much more optimistic it will hold.

IF BTC does break that line, 8k is the .786 line from the same fib chart. I could see a wick down to the 7700, or even the 7600 range.

Overall, to get from where it is now at 8650 to 7700 will take some massive sell pressureā€¦but it is possible looking at the RSI on all time frames (except the 4 hour).

Edit: price hit my target in the mid 8500 range and I scooped some up right before it bounced back to over 8700. We are not out of the woods, but I call that a short term victory;p

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Can we break upā€¦hmā€¦

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And USD

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We are hovering around the .618 fib level for quite a while. Volume is dropping / staying low.
I believe some move is bound to happen soon. If the H&S plays out it should be a retest to lower support. I wouldnt bet on either direction at the moment though.

ETN/BTC Daily chart

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ETN on the Kucoin Daily chart following the potential rounded curve reversal pattern;

Iā€™ve redrawn the dotted blue descending wedge lines to be more in line with how I had them in previous posts before my computer rebooted and I lost them all. They are ever so slightly different, but not enough to change the overall progress

Hereā€™s the overall potential reversal pattern:

Hereā€™s a close look at the present time:

ETN has fought through some pretty hefty resistance to get between the two blue dotted lines and I feel like we could see a pop up to the 45 sat range at any moment, assuming the curve holds support.

Something is going to have to give way by Friday (Saturday at the absolute latest). Either support will fail and we break the reversal pattern, or weā€™ll bust through the last blue dotted line of resistance and start heading toward the red resistance area to make a run at completing the reversal. Either way, I am honestly ready to see price move.

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We are now at a critical point for BTC. According to my measurements, we are due a 7 to 9% drop and Iā€™m guessing 8639 will be the big rejection point. If this does happen, then we need to bounce up above 9k and beyond to keep us in a bull market and it would follow the pattern it seem to be repeating. But if the pattern does repeat, then 11k is my target.

Hopefullyā€¦

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ETN has broken all the small lines of resistance in the potential long term reversal cup. Iā€™ve removed all the descending channel and wedge lines as we are now above them and replaced them with a single red line that should now be acting as support.

Now we get to see if the green cup of support will continue to hold and propel us to the red resistance area of 45-49 sats. BTC is testing key levels of support on the /618 fib line of ~$8537 as I type this. If that fails and we drop, I expect ETN sat price to continue to go up. If BTC bounces, it may create some heavy sell pressure on ETN.No matter what happens, something is on the verge of giving and we should see some volatility between right now and early Saturday as Iā€™ve mentioned before.

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The pattern on the BTC/USD chart Iā€™m looking at, is looking exact, but on a lager time frame. It only took 9 hours to form a bear flag in the pattern previous on the 23rd of October. This move weā€™re in, is currently 24 hours long and that makes me think it could be an even bigger drop of 7 to 9% and more like 25%.

The descending triangle support line of 8640, is proving to be tricky, but thatā€™s the weakest line of resistance. After watching whatā€™s gone on, we now need a fake rally that has to test the heavier resistance line of 8700 ish and if that getā€™s rejected, it could be the huge cascading affect Iā€™ve been looking for. If it does rally up, it needs to get above 8765 and hold. Good day everyone.

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How about that 3+ million ETN sell wall on Kucoin? Anyone want to buy a big chunk for cheap? There is your chance! Someone obviously doesnt want price to riseā€¦but that is okay, it will probably be eaten in the prime time US hours tonight :slight_smile:

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the 3+ million ETN sell wall still there:smiley:

image

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Ever since BTC dropped 8365, it found support at 8450 and itā€™s been punching higher into what is now resistance at 8530. It seems to be developing a backward descending triangle, or bear flag, Iā€™m not sure.? But if Iā€™m right, today is looking like 22nd of September 2019. My dates in my previous post said the wrong month and I was a few days ahead of myself. So Sunday should be the big drop, in theory. If not the 9k it is.

People might say Iā€™m too bearish, but my bigger time frame should put us back up to 12.5 k, Iā€™m bullish to the extreme swings and so are leverage trading manipulating whales, who have bags of margin to suppress and direct movement and Iā€™m just thinking like a big whale in a collective of coordinated manipulation to maximise profit.

Yes it isā€¦but thatā€™s okay because it has not influenced a price drop. We have some really good underlying support.

The reversal pattern is still 100% valid so long as we donā€™t have a decisive break down to break the red line of former resistance (now support) coupled with the green support curve. Based on my chart, we could stay at this exact price for 4 more days at which point we will meet the green line of support and the price will have to pick a directionā€¦

/sarcasm on

Oh where is Mkid when you need him

/sarcasm off

Conclusion, I really like that the sell wall has not influenced the price to tank and the longer it sits there, the more enticing it will be for someone (or a group of people) to take it as an opportunity to grab a nice sized bag without having to play the markets for days.

EDIT:

Oh darnā€¦the sell wall was removed:( It was actually spread out, but itā€™s not all stacked on 42 sats anymore. Oh well.

For BTC, we are really at a decisive point. My chart has a crud ton of lines and indicators and I realy donā€™t have time to explain them allā€¦so I zoomed really close on the 4 hour. The gist of the situation is we need to stay above the yellow wedge lines. If we break below those (bottom line is ~8425) and start closing candles, we will continue dropping to test the .786 line at ~7990ish if not lower.

Personally, Iā€™m along the same lines of @phnx where I beleive the margin whales are manipulating the prices down. Why? Because it sets up a short squeeze for the whales to get a lot of BTC as cheap as possible with massive margin leverage. Itā€™s a brilliant strategy if you have the money to do it. So the moral of the story is, donā€™t sell your BTC cheapā€¦the prices will go back up. If you are going to trade, sell at the top, not the bottom (not financial advice).

EDIT (17th of November):

If I were a betting man (and I amā€¦I am in crypto afterall), I believe we are seeing the beginning of a short squeeze on BTC. I could be wrong, but we are getting a decisive bounce off the two yellow support lines in the screenshot above and are back above the .618 line. If BTC closes above that .618 line, we could see a nice pop up. This is fun to watch:)

As far as ETN goes, things are looking very juicy! I redrew my chart on the new Kucoin site/format because apparently it remembers charts you draw! But I kept it very simple because I just noticed the 21 week moving average (a very important moving average in general) is just above the ETN price, but also below the main resistance. If ETN can break that 21 week MA, it should provide an excellent spring board to jump through the red resistance zone with relative ease.

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Looks like weā€™re nearing the end of this big break out. With the drawings I have, bitcoin has a 30% chance to break up and my target is 9200k and a 70% chance of breaking down to 8260. If BTC doesnā€™t hold support and drops to 7200 to 6800 range then that should for ETNā€™s sats value to 72 sats and if we see BTC break up, ETN is looking at being around 34 sats.

My timing for this break out is 18th November 02:00 uk GMT.

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Wow, that putting it out there, date and time? I love possitive people :slight_smile:

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Iā€™ll do one better and say that 8555k at that time of 02:00 will be the last high :rofl:

I think the whales, who are the bears and bulls, are setting themselves up for a lovely Xmas present and Iā€™m predicting btc will be back up at 10k before Xmas. Theyā€™ll need some time to do shopping with their winnings, so Iā€™m guessing, BTC will be back up on the 18th of December.

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