Starting to see some bullish divergence on the 4HR. Hopefully it’s a sign of seller exhaustion.
The buying wall on Kucoin ETN/USDT is vertical. I take that as a good omen.
Check out the daily RSI bouncing off the same uptrend all the way back to November. We just bounced off the same line again.
The bounce just happened to correspond with a perfect bounce off the bottom of an ascending channel.
is that a good sign for Electroneum?
Next up swing could at minimum have as much rise as the last one or more. Anywhere from a few cents to a ceiling of .16 IMO if it follows current market trends, unless some substantial development/news comes out and it outperforms or the opposite and markets trends turn the other way or some substantial negative developments.
(Not a professional, not advice, learning to read the markets myself, just what I see , time will tell)
Appreciate your reply thanks! Excited for that price!
I think it looks great, if there’s a breakdown it’s a perfect opportunity to pickup more before it leaves this price point. A break down would most likely be a fakeout or would be short lived in the current market IMO
Technicals look long term bullish to me. It’s anyone’s guess as to where the final bounce occurs before the next leg up though.
If you can make sense of the lines on the chart below, it might tell you something or nothing.
Just spotted a Doji Star, (usually meaning a trend reversal) and it closed like this, but we take nothing for granted
From a technical perspective, breaking to the upside of the inner descending triangle could push ETN above the larger descending triangle. In reality, it would not surprise me if the upper line of resistance of the large triangle would stop the breakout. Either way, there is no guarantee of a breakout to the upside. Get your popcorn ready to see what happens next.
We need to see this bottom trend line at 0.0261 cents hold and if we break up from this, we can’t afford to touch it again IMO!
0.0261 did not hold and now and at 0.0255, which last time we hit was a springboard to propel us up to 0.037.
Will it happen this time???
Looks like we might be retracing further, personally i dont think we Will be supported on 0.0255~ but rather 0.0235 and by then we Will probably have created a severe Daily bullish divergence aswell to actually reverse the action upwards.
Actually i just noticed we are already forming bullish divergence on the daily so lets see if it capitulates and reverses during the later days of this week
And honestly it wouldnt be all to absurd to see the weekly chart continue the sell trend even after Daily bounce commences, which would have a bottom target of 0.012 in a bad market and a stronger market can verify weekly candles at roughly 0.019-0.023~. Not a Great amount of data to implement on the weekly chart so gotta do some crosscharting to be able to somewhat verify weekly supportive zones.
But if anyone wants to gamble, a pretty hefty “3 bar play” could come into fruition as we close the weekly tomorrow.
Sorry to dumb things down but the bulls and bears are still battling at the bottom support of the inner wedge.
4HR closed below the support. Now waiting to see if previous support becomes resistance. Looking to see if the candle body closes below the bottom of the wedge.