ETN Technical Analysis Society


#1073

What a strange little creature…

“The lemming, that little six inch rodent found in Norway, has a 3.86 year life pattern. Every 3.86 years, they come down from the hills, destroy everything in site, don’t stop when they get to the sea. … and end up drowning. A few who remain behind for some unknown reason start up the next herd which, right on schedule, heads to the sea all over again.”

Yeah cycles are interesting, just started understand them recently


#1074

Could Bitcoin ever enter a cycle much longer than the two current cycles?


#1075

It had a first and second cycle, why not a comple five? I like to think so. If the econd wave breaks the top of the first wave, then the cycles dont count anymore? So, we wait and see?


#1076

Not many options I can think of except for waiting or bailing.

Edid. Oh and trading of course. A bit intence so I’m holding off for now


#1077

Metaforia

17m Something to play with? If X line breaks and close above the line, if I had the money I would buy :slight_smile: OR we go for another small cycle 5> Again wait for X line to break and hold? Just something to think about while waiting? :slight_smile:


#1078

Thanks man, will do :grin:


#1079

I was expecting a bit of sideways action so was going to jump in but then it droped some more haha


#1080

I am not at all encouraged by the price action the last 12 hours, particularly BTC. Anything can still happen, but I am not seeing what I was hoping to see. It is looking more and more like we will hit a double bottom. We will have to hope that holds because going lower would really not be a good thing for retail sentiment which could cause an accelerated down spiral from there.

With that said, the big smart money has their bags open ready for even lower prices. At some point in the near future people will decide the price is simply too low to sell into the smart money and that is when we will the trend reverse. But right now, it does not appear the price is low enough for people to stop selling.

On a side note, it would appear 181 sats is the auto sell for the bots. If you are okay buying at 181, you can get about as much as you want at that price. 180 sats appears to be their current low that they are selling into bit by bit.


#1081

Looks like big support buy walls around the 3000 & 3100


#1082

For now, but presumably they can be removed easily enough, if they want!


#1083

Kind of makes me think that some of those LARGE buy walls that are strategically placed, are like the buyers sending out some sort of subliminal message to sellers.

It’s like they are saying… “chaps, this is where we are heading and you know it, so you might as well give in and get down here for some of what we have waiting”. Only to find out that when you get there they have moved the goal posts, yet again!! :crazy_face:


#1084

#1085

No predictions, no guesses…just the situation we are currently in. I’ll let you guys decide what you think. This is one of the most interesting daily zoom in charts I’ve done.

I added the 200 Weekly moving average on this daily chart to show you how close we are (and came with the last wick down). What’s going to happen? The suspense is pretty intoxicating!

Edit: @KarEnTam I saw your post after I posted. I watched that Sunny episode just now. I don’t watch him too often as I don’t really agree with much of anything he says. But in this case I agree in the manner that he presents it. When we talk about Chinese New Year, it’s more about events leading up to it, not events that happen after. The thing I take note of for Chinese New Year is the fact that we never see any dramatic dips within 2 weeks of the event. We are obviously within that time range and I believe the precedent will hold true. But, we’ll see. We have 6-7 days to go depending on where you live. Who knows what will happen afterward. It’s very possible we will pump like we’ve seen in the past as celebration money is directed toward crypto due to low prices…but… ¯_(?)_/¯


#1086

We went through that huge support wall, so maybe the 61.8 is the next target? I am holding my my next buy for this event?


#1087

Yes, 175 is the next logical level which is a huge fib bounce line. I am hopeful!

The faster we fall, the quicker the bounce


#1088

My two-pence of non TA opinion, (for what it is worth).

Yes, it seems a given we are heading down to at least 175, maybe lower. I am not really expecting much, if any kind of bounce as with all the recent drops we just seem to sustain a new, lower level. The only thing that seems to hold the new lower level are snippets of news from ETN, (such as IOS release to beta users) etc. That lasts a day, possibly two and then we go lower, hold and down again, (rinse and repeat).

The only thing I think will change this trend, is significant, (major) news and I suspect there will be much less temptation to sell after about the 20th February. Oh, forgot to include M-Kid, if he decides to go chomping ETN again lol

ETN volume has dropped right down again, so not seeing any chance of bounce from this, although as you have all said previously, this is Crypto and the situation can about turn in a heart beat!!


#1089

Billy, two lines, 61.8 or 78.6! I am putting my little toenail on as collateral :slight_smile:


#1090

Tika, only a little and not a big nail! Blimey, can’t be that confident then :grinning:

So what you are really saying is lower or even lower! And what then?


#1091

IF, we go down, beyond the 78.6 (168) Then there is no wave count anymore, see this whole movement as corrections! What give me confidence is the fact that I can count 5 waves up, which is necessary for it to be an impulse wave 1. So, lets see?

Just to be clear on the above, i am talking about a possible wave 1, that started about 18/0012019?

On BTC, will we go down for another cycle ? Or do we break resistance?


#1092

The sentiment is we will have another cycle down for BTC, which will affect everything including ETN. But we will see if that actually happens. The 200 weekly MA is directly under us now. While some people don’t seem to think that is a big deal in crypto, I would point out hte fact that we have never been under it (for real amount of time)…so I do believe it is relevant.

With that said, we still need demand before we make any real trend reversal. I don’t see that demand coming out of thin air. One thing is for certain, it won’t come from the retail sector. It will take smart money to ignite the fire before retail jump in. The question is when will that be?

We shall see!