Wondering what you make of this… bottomed out?
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I am not home in front of my charts…but it is nice to see the bounce we were expecting from yesterday’s updates. Best I can show is Kucoin from my phone…but it doesn’t take a chart reader to see what happened 
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You posted right before me, so I missed it. Sorry about that. To answer your question in my opinion yes. It is always possible we go lower, but very unlikely.
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Funny we see a spike right before this announcement happens
In any case, those of you that got ETN in the 155 sat range, congrats 
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Got my buy in at 155 yesterday hoping for this news today
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If we break up where do you we might get to with a pull back of?
150sats, quite a nice chunk of it 
No one can answer that. All I could say is “it depends on how far we go up”. But the usual bounce lines are the fibinachi .618 and .786 lines
Etn reached its downwards target and bounced from there. Thats nice.
But volume is not there yet. So not a trade for me.
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I redrew my descending wedge pattern using the daily chart. the slight adjustment shows we are under the resistance level as opposed to skirting above it. The way the movement has progressed, it would seem the redraw is more accurate. I still have the bounce RSI line based on the 8 hour Kucoin chart on the RSI, but we did bounce off it as anticipated
We really need to get above the 172 sat level and close on the daily before getting that bullish feeling in the gut. This pop that we just had was nothing more than a bounce off the bottom to test resistance. It happened to coincide with the iOS beta release, which is nice. But until we get above that line on the daily and retest it a day or two later for successful support, I’m refraining from getting overly excited. I still believe 150 is our bottom so I anticipate nothing more than a tight range of trading until beta testers start going gaga over the iOS wallet and create some FOMO
EDIT: There is a sell wall on Kucoin at 175 and 176 sats. I don’t see a significance with that level, so it is probably a phantom wall that will disappear if we get buy volume and head up.
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Quick BTC update:
The resistance odds are stacked against us and I have a whole crud ton of lines on my chart…but on the daily we have a bullish diamond pattern that is coming to a breaking point along with a triangle pattern on shorter charts where we are in a window for breakout as of right now. We’ll see what happens…but I’m optimistic we defy the odds and go up…because everyone expects us to go down.
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Are we having fun yet? And America is just waking up too. But I throw caution. We are now in the area of make or break. We could easily go down from here to form a lower low, but lets enjoy this small victory of positive price moves for everything! ETN is looking VERY bullish
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Do you know if the American market has had much impact on ETN in these scenario in the past?
That’s a good question that I can’t answer. I know the American market is the main driving force behind crypto in general…but specifically ETN, I doubt it. Based on the Amazon search statistics, I would say America is probably one of the lower driving forces behind ETN, which might be cause for the smaller price variations when BTC moves.
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We got a nice volume spike on 8h. Looking for buying opportunities. I would like to see a little pullback or a break through the 200sat area as an entrance point.
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I am done buying ETN at this point. I am not far from my extended extended extended goal, but am completely content never reaching it. If for some god foresaken reason we drop back to the 80 sat range, then I will load up…otherwise, I am locked in on the roller coaster.
A close above 200 sats would be huge. It should not be a problem running up to cloud mining release in early Feb.
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Looking at the Kucoin 8 hour ETN chart, you can clearly see we bounced right above the .786 line, through the descending wedge resistance line and have closed candles with conviction (something we have not done since September 10th).
The best outcome we can hope for now is a test of the former resistance line for support and a sustained bullish bounce up, unlike the bounce from back in September. With Sunday and Monday being the usual down days, I suspect we will test the line some time on Monday which would put the price in the upper 160 range for a very brief time. If you are looking for an entry point, that very well could be it…but wait for a confirmation bounce if you want to be safe (not financial advice).
If all goes well, the next big resistance is 208 sats, so let’s not pop the champagne corks yet…we aren’t too far from it.
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BTC chart and possible forecast:
Lots of lines, I know…but I took a boat load of them off too! The key ones for the short term to focus on are the purple ones forming the triangle. In a triangle pattern, we typically break up or down at the 75-80% completion range (justl ike we did over night in the one we just broke). I have highlighted the 75-80% area in purple near the tip and I am anticipating the next big move in that time from of Jan 26-29th. Using triangle TA measurement techniques, I have put vertical purple lines for breakout target areas for that entire range for both upside and downside potentials. Keep in mind, that does not mean we will hit them or stop at them, but they are the general guidline areas of what to expect.
One thing to note is the target areas land smack dab on the descending wedge support and resistance lines. The wedge has two yellow support lines, one that is a trend line dating back to Nov 20 of 2017 and the bottom one is a more true wedge support line dating back to March 18, 2018.
Before thinking one is good or bad, we have to do some real world analysis to tie it all together. The one major event that always impacts crypto is Chinese New Year on Feb 5th this year. CNY typically has a massive downside affect leading up to that date before a recovery starts…but past performance does not forecast future performance, but it does heed a good warning.
You will notice the RSI has been bullish overall since November 20th and we have a potential buy signal about to take place on the MACD. But the one indicator I am watchin in the immediate future is the 21 day moving average which is the green squiggly line. You will notice it is currently keeping us down. If we do not break that line in the next 7 days, we will most likely drop. But, if we can get above it, we very well could use it to help us pop through the resistance line and move up. If we break down, I suspect it may trigger the “capitulation event” that people are anticipating with the ultimate lower low proceeded by a very quick bounce up. If we break up, I think we will hit the resistance line and probably bounce back down to keep the bear/accumulation period alive for a while longer with a possible capitulation event later down the road…so which one is good? Which one is bad? I’ll let you decide. It is always possible we blow through the resistance and turn into a bull market…but let’s not put hte cart before the horse.
Cheers
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We have not seen a significant drop inside a 2-week period prior to Chines New Year in the past 4-years. If this holds true this year then we still have 3-days left, before we are inside this window. As you say, past performance is no future guarantee but worth knowing, maybe!
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This is true…but we have seen 25-30% drops 3-4 weeks out…so we are either in the clear or over due.
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