ETN Technical Analysis Society


#771

BTC update. The pic has A LOT going on so I’ll try and explain in as few words as possible.

We are testing the top of a small pennant flag resistance line that has formed over the last four days (the blue descending line). In order for us to move up, we must break that line before we can move on to higher resistance lines.

The EMA ribbon (the yellow to red rainbow) acts as key support or resistance depending on whether you are above or below it. Right now we are above it so it is acting as a support. It’s closing in on our current price which should help us get over the descending blue resistance line. But volume is low which means any person resembling a whale could push volume in either direction and decide which way we go.

The bollinger bands (the blue cloud like area) is an easy indicator if you are new and are looking for easy buy/sell spots. However, the band is flexible and will adjust based on volume. But right now we are in neutral territory, so we have room to go either way.

The RSI (graph under the chart) is ascending which indicates we have strength/momentum going up as indicated by my blue ascending line on that graph. If we break that line, we will most likely go down. But right now, it looks good.

The stoch RSI (graph under the RSI with the blue and red line) is another RSI type graph which is slightly different from the normal RSI (if you are interested to know the difference I’ll have to ask you to google it because I’m trying to keep this short, lol). The blue over the red band is a bullish signal, however once it gets above the purple neutral range, we could see a “cooling off” and drop a little bit. But the normal RSI is really better at giving a general indication of when a cool off will occur, I use the stoch more for the line indicators.

With all that, here’s the chart:

I threw a poll up on twitter if you would like to vote. Link is in my profile if you click my name. My personal opinion is still that we are going up after looking at all the indicators together, but i don’t know how far! We’ll see!


#772

As soon as I post that…we break the line…lol, go figure. Let’s see if we can stay above it and move to the next one at around $3940 which happens to be the neckline for the now deformed inverse head and shoulders.

EDIT: GETTING FIREWORKS!


#773

looking good right now :slight_smile:


#774

That didn’t take long…


#775

Once again you gave us lots of informations, explain all and now its all getting confirmed with action! great job once again! :wink:


#776

Right now…


#777

That was fun! But be careful.

We are WAY oversold on the 1 and 4 hour charts. The 1 day chart is still in the neutral area leaving plenty of room for growth, so I am anticipating a price dip or sideways movement over the next 3-6 hours in the form of a bull flag IF we are going to move up more in the short term.

With that said, I believe we will come down to test the inverse head and shoulders neckline that we finally broke through at around $3936 range some time tomorrow forcing a usual Monday dip. But, I don’t mind dips after a huge run up.

We all want to just go up, but I assure you A LOT of traders were not part of this spike. Most wait on a shoulder break and confirmation (a retest of the shoulder line as a support) to get in. If we go up in the short term with no retest, I doubt we go any higher than 4300 at most. But, if we come down and retest the shoulder and confirm it as support, A LOT more people are going to start buying which could catapult us to the 5500 range over the next couple weeks…from there, it will get interesting to say the least.

Disclaimer All of this is only my opinion and my opinion alone. Do not take it as financial advice! I am prone to be wrong, just ask my wife*


#778

Yes friends in the chart above 7 and 30 Ma daily residers are broken and 50 ma resistance is facing. 50 MA resistance in the next 4-day process can break and stay on top of it, I think we can see a long-standing bull run. I believe that this upward movement will be more of a factor for the ETN. I was thinking that the ETN team would have a 5x-10x or 100x price effect with the news announced in the next 3 months. These are just my thoughts, I hope, for everyone’s tastes. It’s not investment advice.


#780

Around this time last year, someone posted this image to predict the dip that happened in Jan 2018. One of the justifications was the beginning of tax payment season if I remember.
Any ideas? Are we expecting a dip soon?


#781

It’s very possible. Many have been waiting for one final capitulation event before a trend reversal. It’s possible that reversal may come in a form that looks like that.


#782

execuse me, Someone is predicting what? 90 % drop… … With everything to come…


#783

Why 90%?? Just a dip due to people cashing out to pay for taxes. Might be 20% or might not happen at all, who knows!


#784

With all cash waiting outside, not part of crypto that took everyone off guard…
Its only wishFud with that blood. Its like selffilling prophecys, we know they try. So, lets see if they manage to get that low.
With the more stable cash coming next years, the volatility of btc will get smaller, in time


#785

I dont think taxes Will move the price in near future, i dont see much profits, sell with lost . Fir how long ?let the team lead us forward , soon


#786

That was about BTC by the way. I feel you are talking ETN.


#787

I Think the team should show us some progress which should less up from this bunker.


#788

Ok, sorry , sorry, tell me goos things :wink:


#789

I am very optimistic regarding ETN in the near future. I do not expect large dips in its price. If good news com in, we will go higher.


#790

I am a bit above the good news, we had so much of it the last three months and the price doesn’t move much on news. We only need to get goin with what we got. When we are finnish with all the test trials and go live, the price will move and the long wait for growth will come. But more news, more signings and so one will fuel our moon voyage, but we already got plenty of deals to moon.


#791

BTC update from my forecast from yesterday:

We are seeing exactly what I was expecting, a bull flag formation with sideways and downward trade actions. The one variable in the whole session that I was not aware of at the time was the Bitfinex maintenance window. We’ve seen HUGE price swings in bigger exchange maint windows in the past, primarily with Bitmex. But Bitfinex is a large exchange as well, but it did not seem to have the same effect. There was some price action (shown on the chart) but it seems it equaled itself out.

Full disclaimer, I did sell my BTC at the peak and was looking to buy back in at lower fibinchi levels, but looking at all the indicators and the Bitfinex variable (which is now complete), I have bought back in and expect a test of the inverse head and shoulders wick neckline. We broke the neckline that used the closed candles which is typically the heavy resistance zone, so I’m expecting we break the wick line pretty easily when this bull flag completes. If we do break it, I see a move to the next resistance line around 4200 where the market will decide what to do from there.

Not to be taken as financial advice as we could drop just as easily as we rose with a whale throwing their money around. :slight_smile: