Not that much to be honest, it’s mainly used by swing traders, it’s just oversold so it just something to take into account.
My next resistance line is 130 sats, the bottom of the head to the neck line is where you measure the potential move.
Okay, now that I’ve had a fairly proper look at the ETN chart, it’s kind of in no man’s land right now.
The daily close yesterday unfortunately put it under the uptrend support line which is now acting as resistance (blue arrow)
There is also a mildly bearish divergence on the RSI (flat price action over time with declining RSI) (red lines).
But, ETN is still above the heavy green support area. We may see a drop into that support zone over the next 2-3 days, which would be a proper test for what we hope will be a nice spring upward. However, if it does not hold we’re looking at a small support line (not drawn) around 75 sats. Otherwise we will likely head back to the lower green support area around 60 sats.
Either way, volume has declined drastically which would indicate a bigger move soon. Let’s hope its whales waiting for the bears to come in and put up big sell walls so they can do a short squeeze and get a ton of coins for nothing.
EDIT: One thing to keep in mind it looks great on the weekly chart. If the weekly closes above the green support zone tomorrow, it could easily cause a big move up to test THE resistance. Higher time frame TA ALWAYS over writes lower time frame TA. The only red flag I see is the RSI is overbought, so we could see more sideways action for a couple weeks to bring that down. But, when in doubt zoom out. Zoomed out, ETN looks good!
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Picture any clearer… popping just outside, (below) the uptrend line?
It is doing exactly what I expect it to do, sideways. All eyes are on BTC right now. Don’t expect any big moves until daddy coin decides it’s move
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I think the ETN Chart still looks really nice and bullish.
Maybe we can form such pattern:
ETN/BTC - 1D
On the weekly a little pullback also cant hurt. Infact it would be pretty bad if we go straight to ~200sats. Since the faster we go up the faster we will fall down.
ETN/BTC - 1W
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The last month etn has gone up when bitcoin has gone up, will it continue to do that or is the pattern changing? is it depending on how big moves bitcoin will make or is it mass adoption and no impact from bitcoin, any opinion? Best regards Henrik
Usually on really big moves alts correct against BTC. Small moves or sideways are usually good for alts.
yes, but last month etn green btc green and most of all alts was red… interesting…
Yeah BTC didnt do huge bursts out of its current trading zone.
Pretty much people bought BTC and then switched some to alts.
On a huge BTC move usually people sell their alts back into BTC again.
of course, and lose money short 
Its a good strategy to sell your alts (for BTC) when you anticipate a big BTC move. And then buy back later.
But for most people Hodling is what makes most profits
yes, but most people buy high and sell low as usual,. so that’s not a strategy , we all etn fans, we must hope btc fall hard and etn moves up higher than btc falls,
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I take it this is the short squeeze to which you refer? Question is; will the line hold?
The bulls are vehemently defending the support zone on the shorter time frames. ETN actually dropped under it but came right back up into. The short squeeze I was talking about in my previous post was referring to potential big buy volume eating all massive sell walls. This is not what’s happening. If anything, it’s closer to a long squeeze as support is getting eaten.
In any case, if this sell pressure keeps up ETN may fall under that support zone which would turn it back into resistance. That would be unfortunate.
The short term time frames (4 hours and less) look to be converging more bullish, but the daily time frame is looking bearish, but this can change quickly.
4 hour:
Daily:
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After looking over ETN in a little more detail today, I see a lot of support confluence at ~81.29 sats if the current support zone does not hold. It’s under a lot of sell pressure right now which is indicative of people believing BTC may take off as it’s testing the 3 year down trend of resistance.
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Well, we all saw BTC take off…so the sell pressure on ETN (and all alts for that matter) was confirmed. The drop had nothing to do with ETN at all.
With all that said, it did not touch the 81.29 sat target which indicates that lower 80 sat range is extremely strong. What did happen was a double bottom as shown below using the purple line to compare the exact levels. Double bottoms, much like a double top, is indicative of a momentum change. So far, sat price as gone up since hitting the double bottom. The question is whether it will break the descending channel resistance line. The good news is descending channels are bullish patterns and I personally do not see ETN breaking under 81 sats. So for me, this is an easy buy signal because it looks like it’s going to go up from here (not financial advice).
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Reassuring to know this. The sell pressure last night when BTC took off was immense and at times I thought the ETN line was going to break but no, it stood firm. It seemed to me the sell pressure had been building for a few days, maybe a week. Has this cooled the RSI a little, in readiness for any upward move?
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In the shorter time frames the RSI is low. The Daily is right in the middle at 48. The weekly is in the upper range of the nominal 30-70 window at 68 after coming down from 77 three weeks ago after the big pump.
There is certainly room to go up, but the weekly is on the verge of still being over bought. So I’m hoping for a nice steady increase moving forward…but we’ll see.
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BTC just taken a massive dump, basically dropped what was gained this morning, how much of an impact that will have on ETN will play out over the next day or two.
