What are the 7,9,11 swings?
Swings are the buyers and seller fighting to gain the upper hand, as you can see in the triangle A,B,C,D, E are in total 5 swings?
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Following up @Tika’s wave analysis, I can back it up using divergence on the 4 hour chart. See the red lines. When price action is flat and the RSI falls for the same time period, that’s considered a moderate bearish divergence. I could see a move to the support line (the same one Tika has) in the short term if the more vertical support line does not hold.
EDIT 7 hours after the above:
So far that sharper support line has held after it tried to dump…very interesting. But, the bearish divergence persists.
EDIT 18 hours after original post and 11 hours after the edit directly above:
On the 4 hour chart, the steep line of support failed. The second line of ascending support also failed. There is a potential head and shoulders (bearish pattern) on the RSI and the MACD crossed bearish. Based on what I see, we could see some more downside in the short term.
Now that the ascending line of supports failed, we are almost certain to drop to the horizontal line of support (1). Directly under that we have another longer term ascending line of support which should provide reinforcement to the horizontal line. But if those should fail ETN will be looking to test the former 5 month downtrend resistance line (white descending line marked as 3) which should not be acting as very hard support.
To put your minds at ease, a retest of former resistance lines for support is extremely healthy, so don’t freak out if a drop to ~32 sats happens. If this growth has been organic, ETN should bounce off that line HARD…if it ever gets there to begin with.
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Great TA everyone, just one thing we must look at. the resistance line (X) we need to brake, before we can even start talking real TA?As I showed many times before, this can still be a fractal of the bigger picture? We need it to brake the “norm” The current wave have all the credentials of classic elliot wave strategy, wave (ii) hit the 78.6.Wave (iv) hit the 50% fib, so all looks good at this point/ BUT, for me, i will still want to see that (X) resistance line brake, to put on my bulllih hat?
The arrows, for now just show we are busy with the same fractals…
PS…
BTC needs to go down one more leg (5470}, so hopefully it will be the (red arrow) correction, lets see???
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hows it looking now tika?
Still busy with the bullish flag or triangle (A,B,C), waiting for resistance to brake
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Looking at my last chart from my post 4 days ago (as well as @Anis chart directly afterward) it would seem ETN is going to test the former resistance line for support (labelled 3 on my last chart). However, it is testing an important RSI support level with next to no volume as I type this. There is a chance we see ETN go up from here, but I feel it might be a dead cat bounce to the 37.41 sat level before falling to the former resistance line in white…either way, the only thing that matters is that line holding if/when it gets there.
EDIT 3 hours:
It appears ETN is getting that bounce on the RSI I mentioned above and it attempting to test the horizontal line of resistance at 37.41 sats. The MACD is also converging more bullish with a slight tick up.
Unfortunately I don’t put much hope in it continuing with the ascending resistance line as well as the 20 EMA coming down into the same area (not to mention it is technically fighting the 50 MA now this it is coming from a closed candle under it). That’s a lot of resistance to break though. It’s possible if it gets a surge in buy volume, but I expect it to continue down on the next couple of candles. The current candle closes in 30 minutes from this edit.
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21-24 hours after my post above, the trajectory is holding true.
ETN failed to break above the 37.41 sat level and is now heading in a negative direction. The RSI support level that provided the small dead cat bounce yesterday was tested a couple more times but appears to be breaking on the third test. The MACD was starting to converge bullish but has gine back to a bearish dark red on the histogram.
It’s all about the 31-32 sat range. It is a former 5 month resistance and SHOULD provide a hard bounce…but this is ETN and you just never know.
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You can measure theBUT!!! length of wave A, add that on top, that OR 100-128% the length of wave 1. U reckon about 52?
BUT!!!
Remember the wave (v) is only valid when we brake the top (X)??
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Brake it Brake it…!
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Will take a significant push to be get through. We have an increase in daily volume but will depend on others joining the party. Will they arrive?
Bullish flag, why not!!! We still need one mor leg (v) up?
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Signs that some volume reinforcement might be on the way 
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Very interesting turnaround without the complete drop to test the former resistance line for support. But that’s not an unheard of move, let’s hope it sustains and we continue the move up!
We see the volume did pick up which indicates the reversal was healthy. There are some resistance that it needs to break through before we get too excited, but things look good so far.
RSI broke back above the uptrend support and the MACD has crossed with a buy signal on the 4 hour chart.
Go ETN:)
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As i already mentioned in few other threads technical trading will be hardly profitable on instruments with very low trading volume. If you do small trades, small positions than liquidity is not so much of a problem but volume is.
Low liquidity will decrease your chances of opening or closing positions at set, fixed price if you do larger trades but if your positions are small than most of your orders will be filled without slippage.
Volume on the other hand will help you determine a fair price and show you reliable picture of price movements. Why?
Lets say we have a coin or some other instrument with circulating supply of 1000 (lets call it XYZ) and 24 hour trading volume of only 2 XZY that has been bought at 5 USD per XYZ. That will set the price for the rest of circulating supply at 5 USD per 1 XYZ and market cap of that would be 5000. But that is only 0.2% of supply. So making price analysis based on that is not reliable. If rest of XYZ holders start trading at higher price and you see a high volume spike than all your analysis will be for nothing.
If we take a look at Bitcoin on coinmarketcap you will see that 27.82% of circulating supply has been traded in last 24 hours while Electroneum have only 0.69% of supply being traded in last 24 hours. Ofcourse you must consider huge amount of fake volume on some exchanges so number for bitcoin is probably lower but you got the point.
Only viable option with coins like ETN is to buy and hold. Sell when you see huge spikes and re-buy at lower levels after dump. Also be careful not to sell after first spike up because there are usually 2 or 3 waves up with small sell offs in between. My strategy is to sell only 10% of my stack after second wave up which is usually (not always) bigger than first wave up. Than i wait for lower levels and significant drop to buy back more.
If you sell immediately after first wave up you will have less probability of re-buy at lower price. So always wait for second wave up.
edit 1: Corrected image embed
edit 2: Always, always draw support and resistance lines on daily or weekly. If you are looking for signals where price close above resistance than that resistance should also be drawn with more focus on closing prices and less focus on wicks. Same with trend lines, if your valid breakout signal is price closing above trend line than that same trend line mus follow closing prices also.
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Ok , ladies & gentleman this is now a confirmed breakout, so lets see if we can get to 52?
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52 would be a dream!
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Things look “okay”. I’m not impressed by the volume, but at least there was some…so I’m not going to call fake out. The RSI looks good with no telling signals for either directions. MACD is continuing in bullish ascent, although it is very slow. All in all, not bad…def better than going in the other direction!
I have not altered my lines in the last week, but I will be extending the one that ETN found resistance on as it is obviously playing a significant role since before breaking out of the 5 month downtrend.
EDIT with minor line adjustments. If ETN can break above that ascending resistance line and get back into that wedge (I made the lines purple to highlight the wedge), it could easily shoot up through the horizontal resistance line above from there. Had ETN never broke under the ascending line, it likely would have traded in that wedge this whole time. However, since it did break below and was suppressed harder than it should have been, that will prove as rocket fuel when that suppression is released.
Providing it does break those lines, the next one is 49 sats followed by 52 and 55.
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