Thanks @Winky looks like it made your head spin a little - sorry bout that old chap
All I can say for the short time frame is that the hourly chart confirmed a top out just when i was making the previous post. We failed to get a body close on the bounce above previous bodies
I too am not a trader, i was gonna exit my position i entered yday at targeted 0.618 / 57 sats, that was my plan from the second i entered. But caught the FOMO and decided withdraw the coins instead as I got caught in the momentum… Ah well I prefer to just long and hodl anyways as trading is freaking stressful.
The entire price action in the last 24 hours has been text book bullish movement. It has consisted of nothing more than testing, breaking, retesting areas of support and resistance. It is so text book that it makes me wonder…
Each of these lines are more like zones, but I used lines for simplicity. Green is now support. Red is resistance. These lines are not only for the recent trading. If you zoom out you you can see they ahve historical relevance in the price action.
TA 101: Price bounces between lines of support (in this example, green lines) and lines of resistance (in this example red, the red line). It appears we have tested the red line and got rejected. But we were saved by the support and we are making our move back up to test the line again. The more times you test a line, the weaker it becomes. It may take 3-4 times before we break any single line, but the price action is bullish none-the-less.
BTC is making a move. There is strong resistance at ~7850 and ~8060 above that. We will see whether we break this downtrend or start heading for a lower low in the short term future…
BTC hit the 7850 target for testing resistance and is being pushed down a little. Whill it continue to push down and make another run (and hopefully break) that purple line of descending resistance? It also has the dotted yellow line of resistance to break if it is able to get above the purple.
Well the charts arent looking too bad. We just made a higher high.
But the daily and weekly candle formed a shooting star which usually means some retracement (the weekly candle didnt close yet though)…
But a retracement to 44-45 sats is definitely possible and its actually what I’m looking for to maybe enter another position. 44-45sats is the .618 retracement as well.
The only thing I’m still a little concerned about is volume. Its still really low.
BTC decision point!
Looking two posts above (the last screen shot), you see what I drew in yellow.
Here is where we are at right now:
Will we bounce off the yellow dotted support and break the purple downtrend? Or will we break support and fall to the green .618 support line, and eventually the purple downtrend support?
This weekend is a big decision point for whatever direction it chooses…I’m hoping we break that resistance.
Looks like we are headed down to test the .618 at 7223
ETN now tracking 52 sats for the past 12 hours - which way do you see this going?
Me, I have no clue, other than the obvious interference BTC could provide.
BTC bounced off the green .618 line and appears to be headed back up to test the dotted yellow horizontal resistance that we broke as support yesterday, as well as the descending purple line of resistance (if it does break the yellow dotted line) that we failed to break two days ago.
The bears and bulls are quite evenly matched based on what I’m looking at and it should be interesting to see what happens from here. My gut tells me we will have a good December, but I would not be surprised to see BTC break down to test the descending purple support line one more time.
ETN is at a decision point. It formed a Descending wedge over the last few days. There are a few ways to draw the descending pattern, I’ve chosen to draw it using full wicks to see the maximum movements in the pattern.
As you see, ETN is bumping against the strong resistance of the descending purple line as well as the green horizontal resistance line. I personally do not see ETN breaking up right now with both those lines converged unless there is a big spike in buy volume. My personal take on the movement is ETN will head down and at least wick to the 47 sat range to gain bullish momentum before heading back up to test (and hopefully break) the descending resistance line.
And just like that, I’m pleasantly proven wrong…ETN broke through the double resistance:)
There seems to be a chance that the move is yet to be finished, depending on where we close this daily candle. I’d say if we close above 53 sats there’s a chance that we will see the 5th leg continue upwards towards some 63~ sats.
But I think the smaller time-frames is where the decision is going to be made right now.
Going in on the 4h time frame there is a very important battle going on.
4H- chart really important to keep above our last red 4H candle as it seems it will be deciding the direction of the market as of now.
Also, looking at the volume for the 4H chart we can see that even on all the red bars we had previously, there was not much selling pressure in volume. And once we reversed onto green bars again, we can see a significant increase of volume again.
Moral of the story - next 4h close is basically gonna have to be above 53 sats for me to be a continued bull.
1H - time frame here we can see more clearly the significant importance of the 53~region.
*edit The upper yellow line is actually supposed to be 52.75~sats ish but I put it at 53 flat for ease.
Adjusted the line if you want to see it more precisely
Volume looks still nice today. Maybe we wont see 45 sats soon. I still wont buy without a good retracement. And my target to buy at the moment would be 44-45 sats. If we have a huge candle up I will adjust my buy in ofcourse. But I’m fine with not getting a position.
Don’t FOMO into the market. Always wait till its at a nice discount.
As you can see here on this next picture, when we came to touch the previous 4h red candle close we had a nice bounce, and if i were to enter the market again, I would wait for a clear evidence that we break through 54 sats which was the spike high (4H & daily close - and open) of candles.
Perhaps, maybe I could be a trader IF i could ignore my emotional opinions after entering trades. (which I can’t BTW)
Looking at this chart right now for me personally still a semi-no enter zone until a closed candle gets above 54~sats. (Candles are quite bullish right now though) I might enter again tomorrow to try and snag myself some nice christmas gifts for my loved ones, (if) we have a nice daily close which I have adjusted from 53 sats to 54~ sats from previous post for me to become permabull for LEG 5 advancement after taking a further closer look on the map.
When posting this we had further spikes on the map, and if this current 4H and next coming 4H candles closes above this highest yellow resistance line we’re almost guaranteed to go further higher, especially if the daily closes within the regions of 54+ sats.
*As always not financial advise. As it is clearly evident I have close to no clue what im doing here.
Reason for why I will further add on this runup if we close this daily above 54 sats.
*edit and to go even further technical from what I understand a 1-2-3 bottom for the lower timeframes (4hour) has formed YET again
*still not advise to enter the market. I’m purely doing all of this for fun, and to share and explore different peoples visions. So if you do have anything that you definitely do NOT agree with me about, PLEASE do tell me.
I agree with everything you’ve posted and like what I’m seeing. I wanted to enter a bigger position earlier after we broke some key resistance, but I spent A LOT of money today on my wife for Christmas…I’m not going to be able to get any positions in this month…boo…
I know for a fact that you have added many coins to your bags through this past year so I’m fairly sure you are pretty set to just watch the market do what it will do
I for one have only entered the market twice so far, first time I ever entered was 2018-09-12 and that was purely due to hype and my dear friends recommendation about the instant payment release, second time I entered was 2019-11-28 when we bounced on 0.618 at 48 sats. Only small dollar position but when i (maybe) sell at above 1$ they will be significantly bigger
I just want to say that I’m disappointed in myself because I couldn’t have added more to my position due the fact that I really haven’t got a very viable financial situation. But If I would have had a better daily life, I would have probably just continued to lose throughout this year and most likely entered a severe depression. So hatefully thankful for my poor situation.
Thanks to Electroneum have I not only gained alot of internet friends, I’m sure alot of you on this forum know who you are as we have all been here (atleast) since sept 2018. I have learned many valuable lessons, such as not to 100% fully trust people that say that a price will (never) go below a certain point due their contacts with whales. I have learned patience, I have learned to simply accept it is what it is for time time being, I have learned that the world is probably worse of then what it seems to be, I have learned that even though I might not run into alot of people that care about the vast majority of humanity, there is still a VERY significant amount of people that really do care about the vast amount of humanity that is EVEN worse of then me. Basically what I want to say is, thank you everyone on this forum because many of you have truly helped me through some real tough times. The past 2 years have for me been a quite journey say the least, in so many different fields. But whatever time it is, whatever day it is, I know that there will always be kind, nice and helpful people within this forum for everyone and everywhere regardless of your etnicity, regardless of your financial situation, and regardless of your personal opinions.
Everyone here, I just want to say to you. Merry christmas, hopefully you will have a nice future but most importantly, take care of your people.
Quoteing this so that thread is focused on the main target topic as I rambled on for some quite unecessary lines above hehe. sorry.
Again, as I said previously, If you have anything to add to my analysis I truly do appreciate ANYTHING you have to add.
I think most of us would like to add more ETN but it is important not to get too carried away with things. In reality and as you say, the fact you have not invested until now has not really harmed you, especially as the price has mostly declined throughout this year. Never put crypto before daily life and family and only ever invest what you can comfortably afford. I am also down on my crypto investments but I have made other investments throughout my life and they rarely pay off in the early stages, so I am prepared to wait for a return and will add when I can afford to - like most.
Life is certainly a challenge and I have met many people along the way and not all were my friend. Be careful who you let into your inner circle, your immediate family should always be the most important. My take on life is that I will treat every person with respect, politeness and courtesy, unless they give me a reason not to. You seem like a really nice person and I am very thankful for your charting, which I understand is not financial advice.
Merry Christmas to you and your family.
I will try and get back to this tomorrow, I personally have more or less completely started to ignore patterns, they can be good for breakouts and direction of market. But I would never enter a trade within a pattern.
The most significant pattern in a chart to me is Candle bodies, wicks, fibs, support & resistance, everything else regarding patterns and such is no more then a direction of a market with a 50/50 chance of breakup or breakdown. Which the resistance, candles, and in certain cases fibs will give a clearer evidence of which direction that breakout will be.
For a short and brief explanation I can take this picture.
From LEFT first red candle.
We see a big red candle, with a big green candle. red = bear : green = bull right?
Eventhough we have a very nice green candle, it failed to close on the top of the red candle, even with the next coming candle it failed to close above or within the red candle close.
That almost always means that the sentiment is to the same direction of what the starting candle is, and that they have further control, especially if the secondary candle fails. ( and as can be seen, we drop further lower, to even further lower support). And to find that support, we need to zoom out further.
Again 4H chart
We have a big red candle, and another coming red candle with a close above or within the regions of red candle close.
That gives the coming candle a sentiment that there is a shift in momentum, it has popped back into the candle close, and closed within the regions of the close. So when the next candle starts that gives a momentum towards the different direction, especially when the full body is greater then the previous body.
*Roughly explained l0l
I will try and further enhance my explanation in the coming days when it isn’t 3.0 AM, but I find it hard to find words for what my mind sees…
Basically what I can say is to try and find the most important resistance and support lines, and when you think you have the best ones, try and find a secondary body close above/below that target.
And the best way to find the most significant resistance and support is to zoom out on higher timeframes, even monthlies in some cases. The more lines you have doesn’t make the chart easier. That’s why I try to always get my zoom on the big field to find the MOST significant price action pivot points.
*regarding the chart you posted from cryptobombhsell, there is a high chance currently we retrace atleast to upper 51 sats, but firstly we have to make clear evidence we are breaking out and below 53 sats with atleast a 4h close below it i’d say. But this market is fast and certain pivot points could definitely be completely ignored when the market makes it’s move.
So, today is day 14 of BTC’s failed attempt to remove resistance at 7750 to 8000, but it did remove some and that was up to 7850, I have that marked out as a red band. There is more resistance at 8220 to 8380, I’ve also marked that as a red band. It’s my theory that we’re heading towards those areas in the next few days. I have my predicted route marked out in that squiggly yellow line.
The very bottom Red Line is hopefully, strong support, that dates back to 3rd of May 2017. BTC has never dropped below it and prior to that date, it acted as resistance, so I do like that line.
Those dotted Blue Lines are area’s of resistance and support, depending on what side BTC’s on, 4200 being the lowest, 6400, THAT NEEDS TO HOLD!!!, if we break 6400, then I don’t know what’s going on and all plans have been scrapped and the situation will need to be reassessed. The other two above that at 10000 and 13800, are just there and are of no concern in this time frame.
The current downtrend has been going on for 161 days, I have that top resistance marked out as a Green line. The support line at the bottom of this falling wedge is marked out as a Red Line. The inner Orange lines are also support and resistance lines depending on what side BTC is on. There is a central resistance and support line between the two Orange lines, but I don’t know where it is?? It seems to move and that’s what we bumped into, in yesterdays failed attempt to get higher.
The next 2 or 3 days could be very bullish, but don’t be fooled. BTC needs to close a daily candle above 9260, for us to reverse this trend we’re stuck in and smart money wont enter play, until that point.
If BTC takes my route it’ll draw out a huge head and shoulders and it’s target is 4200, I hope to God it doesn’t happen and that my dump and pump scenario plays out and we go up to the 10k resistance area. If we break 6400, it could take us months to break back through it and that’s just not good for anyone.
You’ll know when we hit bottom it act’s differently when we hit it. When we’re breaking through support, you get big bounces like dropping a tennis ball onto a solid surface. The bottom looks like you’ve dropped a tennis ball into a bucket of water, there’s a bounce, but not as big as when breaking through support. There is a third and I hope it doesn’t happen, the marble, it hardly has any bounce and rolls along the support line, then just drops. I like to call these three moves, bounce, boink and thud. If we revisit 6400, we want to see a boink, the other two are not good. Look back at the 22nd of November 2019, that’s a bounce. 23rd of October 2019, that was a boink. 21st of September 2019 is a thud, in theory. So watch out for those at the end of this break out of the current trend.
I am at work and don’t have the ability to post/explain my chart at the moment. But…ETN/BTC pair on Kucoin is looking very bullish after breaking a couple key lines of resistance in the last 5 hours.
The last 4 hour bar that that dropped formed another line of resistance with previous price action…so that kind of sooks. The resistance is a complicated web and I am very ready to break through it.
Well, the last 12 hours has not setup a good look for the ETN chart as the sell pressure has been increasing. I bought more last night semi-expecting a move up. But we have broken under the support I was expecting to hold, but not by much. The good news is we haven’t had a hard fall since breaking under, so there is still hope.
It sure would be nice to get some news…maybe more countries? Granyed, I doubt it would move price, but I would hope it slows the sell pressure slightly. The year is about over!