We managed to close 1D ETN BTC above 50DMA. This is happening for the first time after May run. We are steadily moving up but no volume. We may go down slightly but let’s see if we hold 50DMA. Red line is the 50 DMA. Would love to see 13 and 21 DMA crossing 50 DMA after a few days and hold.
It appears that it did indeed hold. Broke up, came back down to re-test the level and moved up. We are eyeing the next area of resistance around 54-sats. I think if we hit this we are likely to get a re-test of 51.5 that we can hopefully flip into support. May then range test and break 54-sats but equally may range between the two levels for a while - no bad thing. I would be very happy with a grind up, rather than fast wicks, which usually come down just as quick!
Any other opinions?
I am always up for a good grind.
Not too convincing so far, but if we can start pushing on the mid 50s and with volume getting up around 100 mil some proper pumpiness could be in order.
- ETNBTC 1 D chart. For the very first time price has closed above Monthly CPR (Blue Horizontal line). Last time it happened was towards the end of April. Remember CPR is not a lagging indicator like the Moving averages. You know what happened after that. Chances for a move high seems higher now, let us see.
- I generally follow MACD Visual. Not quite popular indicator. But it turned bullish. (Blue line going away Red line). Last time it happened was in the end of April.
Price above 50DMA. 10 & 20 DMA trying to cross 50. This happened in end of April last time. We are finding resistance at 200 DMA.
21 DMA above 50 DMA. This again happened in end of April.
- Hidden the price to show you the Williams Alligator. Green (Lip) & Red (Green) line crossing the Blue (Jaw) line. Last time we had was in end of April. (We had a fake cross in July but that should be the wave B of the Wave 2 ABC correction.)
Caution: Daily Stoch RSI is in overbought area (Weekly Stoch RSI is oversold area). Volume is relatively still low.
Overall price action should be interesting.
Haha, a bit of bump, (pump) and grind, does no one any harm
Seems like we did get a quick wick up but came down just as fast. Now back down in the range I mentioned above. Still think it will come down to test 51.5 sats. May take another day or two to do this but if holding then we can hopefully grind up to test, and hopefully flip 54 sats. We can then look to 56 sats!
If Binance or some other huge news drops, scrub the above.
I’d like to see a bit more accumulation at these levels and then attack each resistance level one at a time, eventually creating a cup and handle formation.
Sorry I don’t pay attention to this very much as of late, I’m very busy IRL. And franqly IDC what ETN price action does anymore. It Doesn’t seem already (IN) crypto people Will start hoarding ETN randomly anytime soon. And it doesn’t seem the master market plan is hoarding new investors into the coin. If all involved partners for topups, anytask etc doesn’t hold coins its gonna be though. The project is working flawlessly regardless of price per coin.
If we would magically get new investors we Will repell quickly up. If the bots trigger a long we Will get a good runup that the bots Will sell off just as Quick. But I think current structure of price action we Will test a rough 0.0032 USD.
I can only watch the chart on Phone and would show more exactly why i think this is our current trajectory otherwise.
*There is months of action within 0.0032->4 that we just flew through in our last 0.0012->0.01 = 1000~% runup that probably wants retesting.
Lets see where the weekly candle Will close. Not bothering to look any other time framme then week.
*PS not FA.
Also not bashing the project, i just dont care anymore about the price. Plenty other more active markets that is not 100% bot controllled to trade.
I still think the project is successfully operating, and is taking the right procedures. But literally the coin price has absolute 0 impact on projects success.
Were probably around the corner of having another major breakout anyways.
I dont know if you remember I said when we lose support of 0.0054 we Will hit 0.004, we hit 0.0042 then. And then we had the retest rally to 0.0054 that had a very overextended wick.
And now we have been rejected from that resistance. Expecting double bottom on 0.004 in a good world. But it is likely gonna fail us to 0.0032~. And thats where I see our next major trigger come into play as of now, good world double bottom 0.004 Will be the trigger but that wont make weekly rsi oversold.
Not financial advice