ETN Technical Analysis Society


#689

I know very little about TA but I want to ask a question.
Why does the bold purple triangle support line pass through the red candle on the right, not under it?


#690

All year have been a long weep, or walk of shame… so why dont go down with the ship as a new year rocket! :sunglasses::sob::muscle::v:


#691

Great question!

Answer: Because for a line to be confirmed, it requires three touches. You want to use closed candle touches as much as possible, but wicks can be used as a subjective substitute. You can see the second touch on that line is a wick, thus setting the trajectory of the rest of the line to where it is now.

If we get a candle close along the tame trajectory as the red candle close you are pointing out, then that line will be adjusted and be a much more “confirmed” line of support using three closed candles as opposed to 2 closed candles and a wick.

Great question, thanks for asking.


#692

Thanks a million. You just taught me something new :smile:


#693

Gentlemen, it has been a privilege weeping with you this year😎
MsxsV29%20(1)


#694

Anything new about btc and etn? I am thinking to enter with btc and later to switch it to etn…but…are we forming head and shoulders?


#695

I think the bear season is over. STOCK markets are about to collapse and enter a long-term bear market. Looks like we’ll see a long-term bull condition next year.


#696

Glad i bought at 3800:)))


#697

I am not convinced that BTC was bad and everybody was selling it and then, suddenly, people are buying and price is going up! Without news, without any catalyst! Normal demand does not work this way.
I still feel it is market manipulation. Don’t know!


#698

My gut feeling too. Perfect time of the year with what happened last year to play on people’s emotions … but then again, I am far from an expert


#699

Makes sense. Stock market goes down, crypto already down so throw it all into crypto


#700

There is no telling pattern to indicate much of anything on the current uptrend other than this is a nice bounce off the $100b market cap after being in extreme oversold conditions. However, it remains to be seen if this is a real rally or just a dead cat bounce within the overall downtrend. Right now, we’re still within the down trend and doing nothing but forming a new lower high.

There are three key resistance levels we need to break and close above with follow through before I would be comfortable saying we have a trend reversal. 4200, 4400, and the overall downtrend resistance which is a moving target on a downward path and is currently at $5754. If we break 4200 and 4400, we should see a pretty quick move up to test the overall downtrend as there is next to no resistance past 4400.

Everyone is able to gamble however they choose. But I’ll tell you exactly how I’m going to play it. I am going to wait to see what happens in the 4200-4400 range because I personally believe we will fall from there to set the real bottom soon after. What that bottom is, I do not know, but it will most likely come in the form of a flash crash, so place your bets/buy orders on where you think it will go IF it does happen, because you probably won’t have time to do a manual buy. BUT, if we do not fall, I’m going to wait for us to break above 4400 and close. At that point, I’ll feel it is a safe entry spot for the rocket ride up to the 5500 range for the big resistance test.

Right now, all the short term indicators under 24 hours show us oversold indicating a pull back should occur and we are getting awful close to the first resistance test of 4200. That combination sell flags is too hard for me to ignore. But if you want to gamble and buy now, go for it. It could pay off for you. Me, I’m waiting for a safer entry. I’ll take a little less profit for a lot more assurance.


#701

The ETN chart has made a massive recovery back into the original ascending triangle pattern (dotted purple line) since the news this morning. We are very close to a potentially breakout that could happen anytime between now and Saturday evening US time if that original patter holds true. However, seeing the RSI is in the upper neutral area and the stoch RSI is entering overbought in the 4 hour chart, we should see a little sideways action for a short period of time. With that said, I feel the solid purple ascending triangle pattern is the more likely path than the more aggressive dotted line triangle…but this is crypto and Christmas time, so I would not be surprised for a little Christmas magic if it were to happen:)


#702

Probably a bump based on news. Volume is missing.
But the timing for that news is good.
I’d say volume is indication enough for a BUY on etn at the moment.


#703

I would agree with that sentiment with the current setup. Volume will only pop us up…assuming it’s buy volume;p


#704

Interesting view on Electroneum


#705

Yeah interesting views.
Some great stats there.
Good link Thanks.
I looked up three Im on and every indicator said sell on each one.
Maybe its stuck.!!


#706

Bearish divergence and double top in BTC chart leads me to believe we will see a little corrective move in this runup. Hopefully after that a bounce from that area(3800$) and more momentum. But we could also break down this area and test the lows again.

A correction to 3.8k (Bitfinex).


#707

For ETN I’m very bullish short term.
If we see a break through this resistance (blue box) with volume we can likely see a move towards 300sats.

So the main thing to watch is the volume bars.

Oftentimes after BTC did a move the altcoins follow strongest when BTC is going sideways or slightly down.

grafik


#708


Looks like we’re going to be in the next three hours.