So if a whale decides to crash he can do that…
Yes of course. As with any crypto…especially BTC. Everyone likes to talk about how decentralized BTC is.
That may be true for the proof of work, but 87% of the BTC is held by 1% of the wallets. I hardly call that decentralized. What this means is any of the 1% wallets can drop it at any time they feel like using the exchanges instead of an over the counter trading desk.
I think we are pretty likely to see a bounce in this area and then break lower towards 1xx sats or again move into our resistance zone.
I hope so…I’m still staying away from TA on ETN right now. The chart is so ugly (I don’t mean that in a negative or positive way), it’s just a hot mess of indecisive movement.
On the BTC front, the movement is almost folowing exactly the way I envisioned ~6 days ago on this post ETN Technical Analysis Society. If it breaks above the yellow uptrend line, we should see a move to 4200 pretty quickly.
For me it helps just zooming out when it becomes messy.
Here on the weekly chart ETN is moving much more logical. The .786 fib line should hold some kind of significance and will probably not easily be broken.
Also daily RSI is pretty low. In general I would think that a bounce up is the most likely scenario ATM.
I will piggyback off this for just a second.
As you can see in Cryptomatt’s post above and in the 4 hour chart below, we have double bottomed with the Jan 17/18 time frame. Typically that could be a bullish movement. However, we now find ourselves in a descending triangle after breaking a descending support line. You can see the last two candles reacting to them for confirmation. This is a pretty big battle between the bears and the bulls and whichever one wins will determine the next decent sized movement.
The tip of the triangle ends around the 8th…so it is possible we see nothing but sideways movements for a few days…but I’m hoping we can break out of this rut and go up sooner rather than later. There is literally no upside for anyone selling right now. Anyone doing so is doing it at a loss.
After posting this, I found a possible descending wedge formation, but it only has two points of contact. However, if we do fall I suspect it will confirm with a bounce up around the 140-142 sat range. 140 sats happens to coincide with a previously small support line. I’m not saying we will go there, but if we start to drop, that’s where I expect it to go.
Good visual of the different models.
It was a shame that electroneum ended up becoming more centralised with asic mining. They were a little too late in changing the algo to asic resistant, before asics pushed up the difficulty of mining so much.
I get why they had to go back but yeah too many coins mined by a small group.
Looking longterm it probably would have happened at some stage anyway, at least its stable.
Etn was the first coin I wanted to get and the first coin I gpu mined so still happy to see where it goes.
With the gig economy and mobile mining I believe it will lean more and more towards decentralized.
Dont forget it was changed for the long term plan so it might not suit the conditions of the “now or next week”
I agree longterm it would have happened eventually. Gpu mining is already on a decline because of increasing power costs and lower value crypto.Still I did enjoy the community around it. The cloud mining could be a little faster though especially seeing the value has dropped a little. I still haven’t got my first 100 lol taken over a month. Phone was 4 times quicker.
Do you guys recommend to buy now or wait to see if it does lower lows?
Only you can answer that for yourself. As long as you are happy with the price you paid for the amount you want, that’s all that matters. If you are asking what the charts are telling me, I’ll go back to what I said above. We broke some key support and the next stop is 140 sats…but that is not a strong support zone. The next zone with any real muscle behind the support is ~122 sats.
We may never get to either. But my gut tells me we will get to at least 140. I don’t expect any real uplifting news in the next 5 weeks before gig guru launches (supposedly) that would turn us up until the trial in South America is over, becomes permanent and more jump on board.
I am long term bullish and the prices right now are insanely low no matter what. The minimal sat differences in price right now won’t matter in the long run.
Thank you! This totally makes sense.
Taking all my lines off the chart and looking only at the fib retracement like Cryptomatt posted above…we just had a perfect touch at the .786 line and seem to be having a small bounce up…that fib line is a very strong bounce line, but we’ll see how it plays out over the next few days…
We are severely oversold on the RSI and the Stoch RSI. Anyone selling now is bonkers or the market is simply being manipulated to drive the price down even at a negative return. That’s my own personal opinion, not financial advice.
What website do you use?
That’s Kucoin. They use Tradingview charts directly on their trading pairs
Manipulation at Kucoin…whale operating there…