ETN Technical Analysis Society

I think we are here (arrow) on the fractal sequence ? If so, I expect the same bounce to test the resistance (X) AND just maybe break it this time around?

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Looking at my BTC chart (It’s VERY messy so I don’t really want to post it), I believe the lowest we go is 6650. There is so much support there it is awe inspiring. If we were to break that, I’d be pretty worried. That area is a perfect place for a bounce on Thursday with the intersection of 5 support lines. If we are going to drop below that 6650 range, it’ll happen in the next 24 hours, or on Sunday or later. If it tries to break it Thursday, I see a pretty nice bounce to follow to at least ~7200 and possibly up to nearly 7565.

EDIT: 12 hours later

BTC tried to dump but only managed to get to 6627 where it touched a strong uptrend support line. There is still time for it to get through the semi divided support , so we are not out of the woods. But if it can hold on for another 48 hours it would be much preferred. If not, then we can expect some really nice buying opportunities in the mid 5k range

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Yeah I’m not to sure about BTC right now, hid all trend lines as I think many of them could’ve became irrelevant for now. If we get any bounces before 6100 and 5400 I doubt anyone of them will be reversing the trend to the upside again.
Though, a bounce is always a bounce and can provide some significant trades for the oppurtunist.

I agree with your targets and we could likely see some retracements towards them. However, I’m personally expecting rejection from every bounce and further down.

Personally best case scenario from what I see is 6100~ and reverse, but I kinda have my hopes and estimates that we will see 5400 ranges with a potential wicker down on 4800~ until we reverse trends again.

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On completely other notes,
Tesla.

Look at this amazing company going complete apebananas eventhough basically every outlet in the world is faking negative reviews for them throughout their existed time.

I wonder what the targets will be when it breaks out from the 400 region. People are saying 4k per…

*Edit kind of reminds me of ETN with all the hate towards us and the employees, just look at the comments of every post from their official pages. Continious backlash from mainly the same couple names every post but still, never ending faked hate.

*edit
And the ETN chart, I’m looking at 2 different scenarios

Summary

Summary

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Agreed. I am not an elliot wave guy, but my personal opinion on ETN price action will be more in line with the second chart on ETN.

Edit:

The Bears are really trying to push below that 6650 mark (price varies based on exchange, so it is relative). I had mentioned yesterday that if they were going to do it, their best chance at success was withing 24 hours, and here we are…will they succeed? We shall see…

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Also will go with your second one, now for small wave 3!!

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So far price action on both BTC and ETN are moving as the charts dictate they should (ignoring all the noise in social media). It looks like both are getting the bounce at the levels we expected a bounce…now the question is whether they can break resistance levels and continue up.

EDIT 5 hours later:

Both BTC and ETN looking very bullish now. BTC broke above the 4 hour EMA ribbon, but we will need to close above it in 3.5 hours to start getting a little more excited. Still a long way to go but I have a small smile on my face for now:)

EDIT:

BTC continues to pump, but be careful. The 7550 area is where the big downtrend resistance is dating back to June at the highs of 14k

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This sudden rise in price from BTC, touched the top end of my descending triangle and failed to hold support above the 21 day EMA. It’s currently below the 21 day EMA, so I am expecting BTC to go down and touch the bottom again at 6440. If BTC does go down, that could just full fill the pattern and I have that at a 18% drop from 6440, with a target of 5370. Let’s hope BTC finds support above 7k.

With all this crazy movement from BTC lately, ETN has held strong and it didn’t react, like it used too. This is a great sign that this could be the start of ETN’s sudden growth and we could see exponential growth. ETN is holding support above the 21 day EMA, if we drop below that, then I just don’t know…

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The ETN chart is almost an inverse head and shoulders. Had the upward retracement not gone so far up on the left shoulder, we would have a clear neckline that we are retesting for support as we speak. The low peaks certainly look like an inverse head and shoulders but the neckline is more of a hunchback of Notre dame than a straight line. But, if ETN is successful at defending the 50 sat level, we could certainly see a nice boost upward as if it is an inverse head and shoulders.

Edit:

I am not liking the dip to 49 sats. That is all.

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All signs say we SHOULD be bouncing pretty hard right now as we are really testing the reversal curve AND horizontal support ling while being oversold. If support fails it would not the end of the world, but it would be unfortunate.

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This looks like a classical ABC scenario, where we get equal legs on the length of A & C?

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It does look likely, BTC seems to be forming a descending triangle at the moment and volume is nearly none existent, 6900 is the target and support at those levels is now fractured, so we could just fall through it. That should hopefully push ETN up in sats.

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So Tesla broke out of it’s ATH’s,
Looking for targets of 687 / 1151 $
Or perhaps 902 / 1701 $

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And for the ETN chart we’re likely to complete the corrective move at any given time, hopefully at around 45-48 sats,
could potentially also be 42 wicker.

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*edit wanna mention that volume is fairly low on the ETN table which indicates somewhat that sellers are losing interest.

And vice versa for the tesla chart, gaining buying volume which could potentially indicate that we are truly breaking out of the 300-400 range.

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With the announcement of no more announcements and the lack of new countries (remember Richard said he was hoping to have 20 by EoY) it appears we are starting to break the long term reversal trend. We have actually dipped under it and tested it as resistance on the 4 hour chart. The easiest path from where we are now is sideways/down.

I drew another reversal curve focused on candle bodies instead of wicks in blue. The green curve is the curve I’ve been following for a long time.

Overall long term curves:

Summary

Close up of recent price action:

Summary

Unfortunately I’m not as bullish in the short term as I was just a few days ago based on the lines we have fallen under and the lack of country additions to this point. But mid-long term I’m always bullish.

Enjoy your weekend everyone!

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Yellow support line very significant.

Green support line is actually a box ranging 45-> 42 ~ sats.

Orange line has major resistance.

Does the yellow support break with a bar close we are likely to retest the 0.618 and 42 ranges.

If we get support here we need to have a definitive break of atleast 50 sats, but rather all the way to 54 sats

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I tend to agree. Bitcoin has been stuck at these levels and has refused to drop below 7k, so it looks like up is the only way. If BTC breaks it’s previous high of 7450, that could bounce it up to that heavy resistance at 7900. ETN could take a hit in sats if so and looking at the ETN/BTC chart, we seem to be sitting on a heavy support line, hopefully it holds…

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I think we are reaching an area where we could take a trade with a decent risk/reward.
ETN/BTC retraced really nicely towards the .618 level. My target is 44 sats. Trying to catch a spike (may not come though).

If I wanted to enter a trade now I’d do it like this.

grafik

But I try to get an even better risk reward and catch some selloff (maybe caused by BTC spiking).

Definitely interested at these levels though. Volume is also low, which may indicate some bigger move soon.

PS:
Merry Christmas everyone :heart:

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Coming back to this a couple days later.
Adjusted the yellow major trendline slightly couple decimal points to be more exact.
The chart seems to be setting itself up for a reversal on this major line. Wouldn’t have hated to get a full touch on the 0.618,
Could see us come for a backtest on it and potentially create some bullish divergences on the RSI.

1D

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4H

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4H zoom

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Looking healthy as cryptomatt mentioned.

*edit

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Hope you’re right with this one. Just did a purchase. Hoping to make a few %. Hehe

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Good luck, hopefully you didn’t purchase soley due to me without personally seeing a good point of entry. Personally, the regions of 48-42 sats is (probably & likely) to be good entry points. But just straight out right now I don’t see the momentum for instant gratification.

Hence why i wrote *