ETN Technical Analysis Society

Update 4 days later:

ETN has hit the lower yellow support line and has simply been sliding down it with very little action as it moves toward the satoshi ATL. Slowly but surely it appears to be on a collision course with that target. What happens from there is anyone’s guess.

One thing is for sure, the team has been EXTREMELY quiet. I don’t know if it’s because they are busy, waiting on their legal paper or everyone is simply stranded at home due to the global pandemic. All I know at this point is the silence is deafening, but I’m still a big believer and supporter. Assuming we hit (and go below) the ATL satoshi value, I will be dollar cost averaging in. Because at that point we’ll be able to say there has never been a better time to buy from a value stand point.

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aaaaand, we’re there.

In America, Trump signed the $6.2 Trillion relief bill which will act as rocket fuel for Crypto. Just about everyone in America will be getting a check. I can’t speak for anyone else, but mine will be going directly into BTC with a portion of that BTC going into ETN as we are now matching ATL sat values on Kucoin.

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I think we should get a spike up before people have that money. Most people wont even spend it immediately. They will just keep it for better times and then probably release it to the market all at once creating some type of inflation that cant be stopped.

I’d also say buy crypto. If not now… then when ???

Also the same is happening in germany. Companies get free money from the government (freshly printed ofcourse)

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We have new ATL on Kucoin at 31.50 sats and are testing the bottom of the downtrend support channel. There seems to be zero interest in buy volume. I’m not sure how long that support can last before a capitulation, possibly to the low 20 sat range.

I’ve zoomed in for a better look:

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Yup new Alltime low. And close to original target of rising wedge. The trade in between didnt work, but at least got stopped out without a loss. Now we are waiting for signs of reversal in volume and patterns (double bottoms ie.).

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Sign of life! Or…someone simply got excited…

My previous lines got deleted so I redrew a simplified version with 3 lines instead of 5.

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Looks like a pump and dump

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Think someone got excited but it does seem to have stopped the downtrend… for now? Appreciate your thoughts on this?

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I was expecting a slow down of sell pressure as we hit ATL sat value prices, especially when that sat price is at ATL USD value for ETN as well. I do not believe that pump and dump had much affect at all. I believe that was nothing more than what is called a standard deviation in TA where there is a short term anomaly in the overall price action.

At best, it put a lot of ETN in a HODLer’s pocket from the sellers on Kucoin. But it wasn’t a significant amount in the grand scheme to affect the global trajectory of the price.

Right now I believe ETN is in a short term price discovery phase to see if this level is going to sustain the supply/demand ratio. If not, we can expect further downside. If it does, then hopefully we see a slow and steady uptrend. What we don’t want to see is total sideways movement, this is not a stablecoin and prolonged sideways movements tend to drop as holders realize there are no gains to be made and sell off.

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Thank you for your thoughts and all makes sense to me - very well explained.

I guess the discovery phase is all about whether there is enough demand through AnyTask sales to offset the NGO and mobile app rewards. My personal thought is that we might still be a few months away from some sort of equilibrium but I do have hope.

It appears that ETN are not heavily pushing the mobile app at the moment as the focus now is AnyTask. I know RE said they may have a discussion about re-designing the rewards system and I got the impression that he was thinking it might help ease the selling pressure. Anything that helps in this respect I think would be welcomed by current holders, after all the mobile app rewards could be pushed again when the price has turned and everyone would be happy with this scenario!

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Yes, ETN is focusing heavily on Anytask. Especially with the world economic situation. The way it is going right now the freelance industry will see an explosion in use as people lose their other forms of income and fiat hyper inflated. ETN is very well positioned in the event that happens, it is just a matter of adoption at that point. This is not the way I personally would like to see my return in investment, bit if it happens I will be thankful for being in a position of strength.

Lots of uncertainty ahead. None of us know what will happen, but I am going to be holding my position no matter what happens.

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Tradingview added Kucoin! Yay! Now I don’t have to keep Kucoin up all the time to do analysis:)

First analysis on Trading view:

I’ve drawn the overall support and resistance on the long term descending channel (which is technically a wedge). Within that wedge we are in a smaller descending wedge and the price action right now is at a decision point. Volume is next to nothing, MACD is close to a bullish cross and RSI is low. For all intents and purposes, we should see a move up out of this smaller wedge and move toward the larger wedge resistance.

If it does not, we will create a new ATL and test the support of the larger wedge around 29.5 sats.

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I redrew the smaller falling wedge because the previous peak high actually fit with it. In any case, it seems we broke up from that wedge but are now coming down to test the line for support. Let’s hope it takes a bounce in the positive direction

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These are the two wedges that I drew. It seems we broke down on the 2nd wedge and it looks like we are heading down, (again) but we could head up if someone out there has a few bucks spare, as there is not a lot coins for sale below 32 sats.

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