Nice charting @Winky! It’s also great that ETN broke above the long term bull flag it has been in since late March. Hopefully the next wave up is staring us in the face.
Im thinking this is The initiation of the next weeks long run of my 0.08~ target . But there is a couple of things that needs to happen first.
Some has already happened such as breaking out of the bullflag.
Daily MACD cross.
And some other stuff. But so far the daily chart has some more to prove during the remainder of this week.
Can’t really see atm but one thing i like to see confirmed is ichi cloud line breaking out of the cloud.
Let’s see exactly where this Daily pin Will close. If above 275 that is gonna be very bullish atleast IMO
Gentle reminder that this is a forum to discuss technical analysis ideas only. If you feel that selling is the best approach at this point, please post some technical analysis to back your opinion. Thank you.
Yesterday’s run up marked the first time that ETN had a higher low followed by a higher high since we peaked around 4 cents in March. Higher highs and higher lows indicate a bull trend lets watch to see if that trend continues.
Havent gotten to watch the price so far today.
But saw your comment and went briefly onto the bars.
Cant really say much atm, would have rather have seen pullback stop at 0.023~
Still got some confidence on Daily chart, support on ma10 and EMA10, usually that is a good indication for me that the movement is still alive.
4h chart confirmed resistance as support currently with a 1h descending wedge, which when shown in a downwards trend usually breaks out to The upside again.
1h chart descending wedge + support confirmation.
Cant go into any specific PT’s from here, does this go as plan we could be seeing 0.032~.
As I said somewhere previously, the grind back up could be very sweaty and “fakie” with many traps.
But the chart is very controversial right now. Bearish engulfing Daily candle aswell that is totally worth mentioning.
Not advice. Just do this for fun and to kill time in what we call life.
Also agree with what @Moonman notified
Just took another glance, reeeaaally controversial chart atm. Didnt notice in previous post, but the hourly is also showing a HEAVY head and shoulders. And with the Daily bearish engulfing candle I think we might see a heavy sweep down low.
HS target 0.014,
Would confirm weekly support aswell.
Maybe someone with spare time could try and spot and chart the HS more precisely.
I am bearish atm.
Update HS neckline broke just now
It could be a head and shoulders I suppose. It’s showing on the 1 HR which is not the most reliable timeframe.
I don’t see the H&S on the 4HR.
I like the wick bounce off the bottom trend line. If that line holds as support, I’m definitely turning bullish.
Yeah I could also only spot it on 1h.
Thanks for the pics.
The trend line you speak of dates back to 2021-02-10.
We have 5~ touches on it.
We got a inverse HS and we broke out of my initial wedge on the hourly that i spoke of.
Let’s see if we can break up to 0.033~ in the coming here.
Seems that support beneath us is strong for now with that fake out that totally got me the other day so Im sorry for ignoring my own Analysis of that the rebound back up Will be very fakie and rough.
Didnt expect that one though
Approaching our 3rd test at the 34 even SATS mark. Not sure if you’d consider the April 22 dip as a 34 test, since it didn’t quite touch. I feel like it’s “do or die” time on this third support re-test. I suppose we could continue to trade sideways near this level, but I feel we should see an up or down movement soon at 34. Next supports if 34 fails; 31 first, then 26 sats.
Edit: Boop! As soon as I posted, there it is
We got that nice bounce off the 31 support I posted earlier. Entire market saw red for a couple days and dipped us around 23-24 Sats. We are hovering around the 26 Sat support line. Interested in buying at these levels. Not sure where we go from here, as we blew right past the 31 support to 26. Will zoom out and see what pops out.
My guess is we have more potential for further downward movement, unless news or an update comes out. Actually I’m a little surprised at the lack of “progress” re: exchanges and more partnerships in this bull market. You’d think ETN would want to ride the bull-wave, but if they’re not ready, then they’re not ready I suppose.
Who can analyze last weeks movements?
I think it was a head and shoulders pattern that fulfilled. The white line shows the head height, placed at the break out area, it’s nearly spot on.
A bounce up to 48k is immanent, that’s the 61.8 fib (drawn from the right shoulder) and previous support from where btc broke down from. I’m expecting a secondary selloff that could push btc down to 20k. The 30k support has had several touches and could fail on the next one.
Oké superb ETN analysts,
Is the bottom reached, or should I want a little more to get some more ETN!!
I need some guidance, no financial advice!
ETN taking off
Little update… ETNBTC
- ETN had a total 165% push up.
- Currently 105% up from the bottom.
- RSI was building momentum over the consolidation, prior to the push.
- I have some arrows at some peak volumes that in the past were local tops or close to it.
We could possibly take out the top of the wick and then retrace - like the 2nd arrow.
Another possibility is like the 1st arrow, where we get a retracement back to last support (middle blue line) and then make another larger push up, to take out previous highs.
Chart looks a little robotic in its price action imo
Just some observations.
Update… wouldn’t let me make a new reply.
Close up of the chart above, seems to have gone for the 1st arrow type pattern.
I think support would have held if BTC hadn’t sold off 4%
Support is currently resistance, lets see if it can reclaim the level.