ETN Technical Analysis Society


#792

Agree. By good news I do not mean signing more agreements or being listed on one more exchange, although those might cause temporary and unsustainable price spikes. I mean something like “Vodafone is now accepting ETN” or “You can buy from Amazon with ETN” :grinning:
This is what I consider “really goooooood news” :slight_smile:
I will be ok with much smaller deals going live as well.


#793

@MohamedAfifi
A project with a strong community builds a large ecosystem very rapidly.
Large Ecosystem = Mass Use
Mass Use =Mass Adoption

Sentiment is Everything to the Investor
The Adoption Curve
:heart::heart:


#794

I predicted a "double bart " yesterday…(Price is $$AU)
Do you think were in for a “Quad Bart”??


#795

What to do. Got tether. Btc now or wait?


#796

You can wait for a breakout and trade that. If you plan to hodl I would buy now.


#797

we tested the highs in this flag 2 times. Maybe we will break it next time…

grafik


#798

We are testing the top of the bull flag and the EMA ribbon on the 1 hour has come up to help. The ribbon on the 4 hour is starting to come into play and I suspect it will be the support push we need to get over the neckline. Everything is playing out perfectly so far…but the moment of truth is coming within the next 24 hours with prime hours in the US tonight being a major emphasis to watch. The time between right now and the next 2 hours is typically the lull every day, so this current dip is not at all surprising.


#799

BTC is still trading sideways and I’m still optimistic we break the wicked neckline…but I’d be lying if I said I wasn’t a little nervous the longer we hang around the current levels. We could easily form a Bart pattern (a pattern that resemble’s Bart Simpson’s head) with a drop down about the same as the rise up. I don’t see us trading at the 4k price point much longer. The EMA ribbon is providing some awesome support, but we really need buy volume to get over the hump.


#800

@Cryptoman976

To illustrate your point Professor


#801

Thank you @Pahini for that excellent illustration :slight_smile:

BTC update:

We should see a strong move up or down between now and the next 24 hours. It could take up to 48 hours, but the point is it could happen at any moment and I’ll show you why on the snapshot.

We have formed a pennant flag formation (purple lines) like we did previously before the previous break up. You can see it better on the 1 hour chart, but I’m posting the 4 hour to show the strong EMA ribbon (yellow/red rainbow lines) moving up to hopefully push us up. The 1 hour EMA ribbon has been acting as support for a couple days now, but with the 4 hour ribbon now meeting the pennant formation, we should see some exciting fireworks (hopefully).

Like before, I’ve marked the 80% line on the pennant flag where breakouts typically happen on average, which we are approaching rapidly. Looking at the 4 hour EMA ribbon, it would appear the first line of support will be hitting that 80% mark dead on. If/when the candle comes down to challenge the bottom purple support line, it will be re-enforced by the first line of ribbon support which should create a very fast and powerful bounce up. It’s going to take A LOT of bear volume to break through that, much less the rest of the ribbon support lines…but it is always possible. We’ve tested that neckline multiple times lately and I simply do not believe it can withstand many more tests. That’s why my money is still on the break up with about 60-70% confidence.

The fact is, the bears and bulls are deadlocked in a massive fight right now, but the bulls called in the cavalry…let’s just hope they can deliver. For everyone wanting to be safe, wait for the break up above the neck and successful retest of that neck as support before buying in.

If you choose to invest, I wish you luck!

*EDIT: Shortly after posting this, BTC broke above and closed above the purple resistance line on the 1 hour chart. It’s now bouncing above the purple and below the neck line. This is very promising and shows the most bullish sign we’ve seen yet to actually breaking above the neck. We’ll see how this plays out…but unfortunately it is late where I am and I have to head to bed :frowning:


#802

…aaaaand, we Barted. Well, that is unfortunate, but not completely unexpected. We had so much promise on that run…


#803

What do you now think this now means for the next 24/48hrs for BTC?

I am also interested to hear what you think for the ETN price for the next week? I see you mentioned a possible drop to the 177 area in a previous post, which has now been hit.

Regards


#804

For BTC, the target of this fall is ~3756, which means we are basically there. But seeing the fall happened over night in the US, we’ll see how the US reacts. We’ll either have another drop of panic sales…or we’ll start to form the next pattern using this level as a floor. It’s too early to tell right now.

For ETN, the target was 175 sats. I just looked at the chart and it seems we briefly hit 174 sats before wicking back up. I don’t see it dropping any lower than that unless BTC dumps hard or we get some sort of massive catastrophic news.

The market is crazy strange right now…more strange than normal. The good news is we are closer to “the bottom” with this BTC drop than we would have been had we gone up. I just want to get the capitulation event over already (if we are going to have one at all)…this bear market is just too darn frustrating.


#805

Thank you for the reply. I appreciate every time price goes down we are closer to the bottom, but where do you think bottom might be, in the capitulation event?


#806

Any price I would say is pure speculation. No one can really answer that. My personal window IF it happens is 2400-2800. If my stop losses hit on the current prices, I will be placing orders in that range and wait.

Edit…yep, that happened. 3600. And now we are SEVERLY oversold. We should get some sort of bounce…but I really do hope this is part of the capitulation event people are expecting…let’s get this over with!!!


#807

I like this point, 3580, a old bounce bottom


#808

This seems to be our support zone.
Inverse head and shoulders is still possible but unlikely to play out.


#809

When in doubt, zoom out. So I did, to the daily.

I have had a descending wedge pattern drawn (yellow lines) for a very long time. I decided to take a look at the macro picture to get an idea of what might be next. Upon zooming out, I saw an interesting line materialize before me…I drew it in blue.

Does that resistance look familiar? Looks a lot like the neckline of the inverse head and shoulders we were tracking before the fall to me! It appears that neckline line is MUCH more significant than previously thought. You can see the line is validated 9 times going all the way back to mid November of 2017.

With this information, it’s safe to assume the first support line I drew many months ago (the bottom yellow line) is acting as support until we can get above the blue line. It’s possible we find that floor above the yellow, but I see that as unlikely.

Zooming in on the chart to the more recent price action on the daily, here’s what I see as a possibility:

Again, I could be completely wrong and none of this should be taken as financial advice. TA is not an exact science, as much as I try to make it one, lol! But I strongly believe we will move to that yellow line at the very least. If we break that, then we are moving to the 2800 to 2400 range.

What do you guys think?


#810

Hard to say, blood is down below that line. Isnt it where bloodsuckers want it?


#811

Simply for the “Bart” of it.
Price in AU $