Hey Micron
Etn is still looking strong.
I would be cautious of buying now as we are filling yesterdays long wick to the upside and we could get another retracement (like the previous one). In the run from March it did do these swing failure patterns, retrace and then make another push up, so there could be a buy soon.
RSI also very high atm on the daily but sometimes this can stay up for a while.
If it can however reclaim that level by closing above then that would be a sign for some more upside, still I think that is unlikely for now. I will check out the daily close in 12hours.
Now that Bitcoin is ready to blast off, I’ve taken a look at the previous bull runs and noticed the price never came back to the all time high. So if that’s true in this case, then the next pullback should only pullback to area of resistance BTC just broke.
I think a 450% pump from here is reasonable, when looking at the previous moves from this particular point of the bull cycle.
The yellow vertical lines are the 1 year bear market markers from the low of the previous 20k top. The high of 20k, to the low is nearly exactly 1 year. The second yellow line is from the first breakout from the low of 3k. So I think BTC will top out between those lines. My first target is 120k, ish.
Positive case
This is a 12hr Kucoin USDT chart with horizontal rays that go back to September 2019. This indicates that the major support since February 2021 has been 0.0057 and the last two times we hit this, which was Feb and June last year, we had significant bounces to 0.04 and 0.03 respectively. It is also possible we fake below this level for a few days or week before a breakout.
Negative Case
Should we lose this support area we are potentially looking at 0.00468 and if the geo-political events conspire badly and BTC goes really bear the support is 0.0012
Not much TA to do at the moment, but we are around all time lowpoint so thats a goodtime to buy if you still like ETN.
I’d like some honest statement about the health of the project, because I really like everything that is going on, just hoping that they dont run out of funds too early.
Like the rest of the crypto market also ETN is spiking in volume currently. About 10 times higher than usually.
I believe ETN will follow the cyrpto market in general. But outperform BTC temporarily during the rallies and then fall harder than before.
This cycle will probably only be broken when crypto adoption really starts which is still a big unknown variable. But I believe with the state of the current financial system it looks promissing.
Hey Guys, hope everyone has managed to work through the bear and are now enjoying a bit of upwards momentum the markets are having.
I know that many might be asking themselves if ETN price is going to be included in this rising tide. Obviously nobody can give any guarantees and this is NOT financial advice, but I think we will and it could be sooner than lots think.
Looking at the charts I noticed that in the lead up to the last bullrun, the 100 daily (green line) crossed above the 200 (purple line) as price started to appreciate, (see pic below). This lead to a price increase of close to 40 x from the bottom of the bear. The timescale for this run up was from around 10/02/21 to 27/03/21
Fast forward to recent times - the 100 daily dropped back below the 200 around the 15/01/2022 and has been below it ever since. The gap between the two as the bear market really took hold was at its widest in April 2022. It has been narrowing ever since.
The 1st pic below shows the bear and the MA’s and the 2nd pic shows where we are today…
Of course gaps can narrow and widen again, but there is an obvious trend that has taken place over time. My personal thoughts are that it won’t be very long until we witness the 100 daily crossing back above the 200
History shows that when a bull run gets going, they are relatively short lived events, but when they do they are incredibly exciting times!!
I am locked and loaded and hope to see you all on the other side.
Nice analysis Billy. I think we are indeed ready for an uptick, as things are moving forward with the Smartchain and it won’t be too long I hope that we’ll receive some updates on that front.
This is the SXP (Swipe) charts today. Do you notice the similarities with the ETN charts I posted above. The SXP100 MA crossed below the 200 about a month prior to ETN doing it, and the 100 about is about to touch with 200MA.
Look how near identical this phase of ETN is to Swipe and the Swipe chart is taken from Binance. It’s uncanny!
There’s always been something odd with ETN on the exchanges, seems to jump by 5million market cap out of the blue, then after a few days it will drop down again.
These are some recent stats taken from CMC - looks okay to me. MC is price x circulating supply, so goes up and down yeah, or is it something else you mean?
