ETN Technical Analysis Society

Rising wegdes usually break down and after we couldnt jump back in the pattern at the initial try the likeliness of us going lower was high.

Now there is multiple ways to do target analysis.
I’d say we just take the technical target of the rising wedge at around 32-38 sats.

On the other hand BTC Dominance keeps dropping pretty strongly and BTC also just broke 10k$ again. If BTC corrects anytime soon or has a longer sideways period that allows BTC dominance to drop even further that may give ETN and almost all alts plenty of room to grow.

Thats also the reason why I wouldnt bet on us reaching the target.

As for a trade. I dont see any entry points. I’d love to see reversal signs on the daily chart like a double bottom or a huge volume spike to think about buying in for a trade.

For the longterm believers right now is obviously a great time to buy more.

ETN is without a doubt cheap at the moment.

ETN BTC Daily Chart

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Agree on every point.

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Agree with everything. As far as sat value it really is 50/50. The one thing that gives me hope is the early break from the rising wedge with no massive drop. That is typically indicative of a fake out. However, this is ETN which has low volume, so patterns are almost worthless to chart.

As far as USD value, ETN looks good at over .004. But at the end of the day, BTC is in control of it all. For those selling now, I personally want to say thank you for my own personal reasons. Any ETN sold to me will never see a trading desk again. Sell at your own risk.

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I was reading more about rising wedges since I never really trade them.
( https://www.investopedia.com/articles/trading/07/rising_wedge.asp )

Many claim the target to be around the first pivot high of the trendlines that form the pattern.

In my opinion that is a likely target and we pretty much reached it.

We can also see some support in this area.

Ofcourse to put a trade we still need some kind of confirmation pattern since its very possible that we bottom out lower especially if we break support.

Still makes me a little more bullish mid term.

ETN/BTC daily. The Blue box is the support zone which also acts as target for the rising wedge pattern on some sites:

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Well I personally am most interested in getting more BTC thats why I trade based on the ETN / BTC chart.
I also keep a small HODL position for the projects I like though.

And ETN is one of my biggest HODL position.

The reason is:
Yes there is many technically WAY more advanced projects. Even with decentralized real instant transactions and nice wallets. But none of the other projects have the spirit the ETN team has. None of the other projects treat their crypto like a business like ETN does. I know its a risky bet, but I still think it’d be crazy to not get another ETN Bullrun even on the ETN/BTC chart with all the things that are starting to build up right now.

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No. The only crypto you should be trading off USD value is BTC. Why? Because it is the king crypto and every other crypto USD value is based on it. If a crypto is going up in USD value, but down in BTC value, that tells you you should have simply kept your money in BTC because now you are getting less BTC for the USD you used to buy it.

Always always always use BTC trading pairs UNLESS you strictly used a USD trading pair. But not many cryptos have that. The vast majority of cryptos are mainly paired with BTC.

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Bitcoin appears to be fulfilling a cup and handle formation at the moment and from the neck line to that messy bottom, it’s about 20%, so that should take us up to $10,500.

If we close above $10,500 then 14k is the next target. I personally think we’re due a pull back, to around 7800.

So if we do top out at $10,500 the Fibs retracement level of 0.618 is always a good pullback level and if that does happen, then it would look like the start of a second shoulder of an inverse head and shoulder formation.

Bearish divergence is starting to appear in the lower time frames and the stoch RSI is topping out, but that’s not always 100% correct but it’s there.

As for ETN, the fundamentals are huge, potentially massive. At the moment if you want to buy crypto, then having a bank, transferring funds to buy btc is literally the only way. ETN will be a secondary gate that’s easier to open. I think we’re so lucky to even know about ETN and it’s potential with the price being what it is? I just can’t buy enough, grrrrr.

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Just another view, I count three fractals. Lets see if this will continue?

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ETN keeps tumbling down.

Depending on how the day closes we just ignored the last bit of support and are heading towards a new all time low.

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Gotta post an Update since we suddenly see Volume coming in right at our last support level.
Here’s a quick trade idea with a super low risk. Pretty much just sell if we dip down again and use our previous support and reistance areas (1 and 2) to sell the biggest amount of your position Hodl the Rest.

This is the 1 hour chart. As we can see when we broke under our last resistance probably some stop losses have been triggered and we got some volume candles on the hourly. But someone used that opportunity right after to buy etn back up.

I think that is a trade opportunity. Ofcourse it also makes sense to wait for confirmation.

What do you guys think ?

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I agree on hourly. 8 hour candle close coming this hour I’d like to see us close bullishly engulfing

You should put up a pic of your 8hr chart

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Its pretty much the same.
I like to look at the 1 hour or even lower timeframe when I buy into a market.

After the initial buy zooming out again.

ETN /BTC 8H

Edit:
I also want to add the BTC Dominance daily chart that I took into consideration when posting my trade idea. If it wouldnt look like this I would never buy based on this chart.
But BTC dominance is declining which means money is flowing into alts right now.

BTC. Dominance Daily Chart:
grafik

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Hour by hour we’ll see what happens, we are sticking in support for now.

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ETN just shot up 44% then dropped, but I didn’t see any change on the BTC and ETH charts?? What the douse?

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It’s probably someone accidently putting a market order and wiping the order book.

It can be a bullish sign that new investors are entering the market.

ETN on the daily still looks good. Lets see if we can continue to bounce.
I’m pretty bullish short term about this and it has been a while since I was bullish last time on ETN :lollipop:

grafik

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We are making higher highs and higher lows.

So far so good. Buit I wouldnt be suprised if we retest the lows again. It would even be really nice to see some kind of double bottom on the daily chart.

ETN/BTC 1H Chart
grafik

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We did see some pullback and now holding at support for now it seems.

Thoughts?

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Not much to say. I we fall lower than the bottom I dont see a trade anymore. If we find another support at or around the bottom and we ultimately make a double bottom on the daily I’d stay bullish.

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Looking good so far, seems we bounced off that support

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Yes seems like ETN respected the .618 % level again.

But what we really want to see is a break of the neckline around 40sats and possibly some volume.

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