MACD Bullish cross in 1D ETNUSD chart (as well as ETNBTC).
I had forgotten about that CoinDCX trading competition. Apparently it ended recently (yesterday I believe)…and now we’re seeing a consistent rise in price (which is not the norm after a competition, it usually drops). Either way…this would appear to be further evidence these competitions have a negative affect on normal price discovery overall. Let’s hope it keeps up!
Just for the record, I get why they do them, but I don’t like them either!!!
No volume yet. If anyone made a trade at the .618 fib now would be a nice time to put stop losses in profit.
1hr chart. Is this not just playing out between the channels? May trend down to 66.60 - 66.80 before bouncing again?
Of course, I am a complete novice with charting, so I bow to superior knowledge, (which is everyone here)
Yeah you are right it looks like a correction on the 1 hr.
You can see how the last big rise on the 1 Hr was with lower volume than before. This often leads to something like a head and shoulders pattern and ending of the uptrend.
We seem to have gotten the bounce up to the right shoulder and now coming down again. Do you see anything to indicate anything other than the ending of the uptrend or could this be a shaking out of the sellers?
What do you think… a retest of 60 sats, (ish) before the next leg up or trying to exhaust the sellers?
I usually dont pay much attention to these small timeframes.
Overall we are still on low volume so I’d say we get some correction soon unless volume picks up again.
I dont see any trade setup. Except for a possible H&S on 4H. But we cant really short ETN anyways.
Traders just running it up/down to shake out what few sellers are left. Like you say, it is difficult to do a short trade as so few coins are being sold. I guess we will see a decisive move one way or another soon.
Are you still bullish @Anis?
Anyone else have a view?
Thanks @Tika. Is this on the daily timeframe?
No, hourly, but just to show that there is a possibility for equal legs?
Presumably the previous resistance of 60-62 sats should now be acting as support. If we lose this then presumably we are looking at 54-56 sats where we had the last major bounce from.
Ok, my take on it, we are on 61.8 fiv % of wave (2 of 3) it can stil go to the 78.6, but not lower than wave 1 (green dottet line) Well it can, but then the wave count in invalidated, so for now the 61.8 support area is holding? The what if … we can answer if it happen?
Hi @Tika. Do you mean the blue dotted line as I cannot see a green line?
So you think the next leg is still up then?
Hehe sorry, visually impaired, yes blue