ETN Technical Analysis Society


#383

This is my chart and howe i do the long lines


Zoooooomed inn

In 30 min time frame

SO i think we can say we are forming a suport/resistent level and if it holds it can be good news and the trend can change, but there is a lot of room downwards and this area can be short lived. But i want a clear sign for a trend reversal before i go bull, can you see a sign in the chart fore trend reversal? @CryptoMatt


#384

The high volume could be an indicator.

If volume stays that high and we dont go down, we may see some rapid upside soon. But I dont see any specific pattern yet that would show a reversal. We are insanely oversold so any pattern like double bottoms will have lots of potential.
I’ll keep you updated :slight_smile:


#385

We are retesting support again. The more often we retest a level the more likely it becomes to break it.
Last two times we saw volume coming in at this level and pushing us right back up. At the moment volume is not there. So if it stays like this I believe we will break lower. Should be decided within the next hours.

Its a good time to buy for a long term hold, but not enough indicators yet for a trade I would say.

PS: Volume on the daily is really really nice. Its like in the last bullrun. Lots of accumulation I would say.


#386

I have re done the big chart and i agree on a more down.


#387

I have cleared the chart and started with only weekly suport

And with no change in trend in the short ore long time frame there is a lot of room down

I try to point out where we are in a market trend

This is howe Youtubers, forum and media talks about cryptos and specially BTC

Where are ETN?

Why BTC can go a lot more down


#388

This is a short time trend ETN/BTC and have no relation to fiat only BTC so we follow the fiat value of BTC


#389

Another view on BTC chart, that shows imho that we are at or close to the bottom.
I mentioned it before. But here you can compare volume of the breakdown to the volume now.

Since we are trading under ~5k Volume started to rise a lot. Means there is lots of panic selling AND buying going on. If this continues (looks like it will) all the sellers will be out of the market.


#390

Howe long will that suport hold? all bull action have beeing eaten by bears…i am stil bear :slight_smile:


#391

No one knows.
As long as volume stays solid I think we will hold or reverse.


#392


#393

A breakout from this tightening pattern is what I watch for a potential trade.

grafik


#394

then it is a 70% chanse for going down to 3400$ ?


#395

Yeah. Technically the target would be like 3480$.


#396

I do not foresee us dropping under ~$3100. That is the average electrical cost of mining a single bitcoin before the extra expenses for hardware, rent (for bigger dedicated mining), etc. I would assume the 3480 range would be more of a total actual cost bottom with the extras added in (I’m completely guessing there).

With that said, we could easily wick down further briefly, but I don’t see us dropping under that 3100-3500 range for any length of time…but I’ve said this so many times on many different price points for countless coins…so who the heck knows anymore. All I know is I’m long and I’m buying each mega drop knowing it WILL all go back up in time. Crypto isn’t going anywhere.


#397

Mining cost have no relevanse because while miners drop of dificultu goes down, so the pain point i will think is in the low hundred.


#398

That’s correct. However, that’s assuming miners drop.

Many won’t drop while expecting others to do just that, thus keeping the difficulty high. I’m a small miner myself and I’ve actually bought more cards to mine expecting exactly that. Even though mining is breaking even or with a slight profit/loss currently, the difficulty is not changing significantly. But if they do begin to drop significantly, then I do agree with your assessment. But right now we have not seen any significant mining drops. All we see is scare tactics that it is happening with that video going around showing a bunch of hardware being wheel barreled out of a mining office which happened during the massive floods. So we’ll see.


#399

It teakes time for them to stop and cut loses, they must bleed a bit before they stop, and no one will stop they are forced out.


#400

I just noticed we have a mini Elliot wave pattern on the ETNBTC 4 hour chart that is moving toward the “E” for a potential break up. I see no reason for it to do so without any news unless the bears are simply exhausted and we have no where else to go but up.

The only small problem is the “D” is a wick touch, not a close. Whether it is or is not, it’ll be fun to watch as we approach the descending triangle tip.


#401

It is a scary count, but normaly a triangle like that is 70% down…but with the count i will call it 50/50?


#402

A true Elliot wave almost always breaks whichever way the E point is going…in this case up.

However, that pattern is not 100% accurate because I am using wicks to complete the pattern. So it may be a false formation that resembles an Elliot wave…but looking at the orders on various sites, the current direction would appear to be up with a ton of support in the 200 sat range. It is going to break one way or another in the next 8-12 hours, I just don’t know how hard that break will be. If we go up, we should test 215 sats. But, I’m inclined to say we will go down because that is simply the trend right now…but that trend could reverse at any moment without warning.

All that said, I’d say 50/50 in this particular case…hope for the best, expect the worst.

Correction on the time frame for a break. It’s not 8-12 hours I was looking at the wrong time frames. We still have until the 30th in this particular triangle pattern…so we will see it do something by late morning Friday US Eastern time.