ETN Trade Idea based on Fib Retracement and Elliot waves. (Ignore if you dont like TA)


#1

I’ve been watching the Crypto markets for almost the whole year and I believe now is the time to turn bullish.

ETN had really huge volume yesterday it was at 1.2Million$. Which is huge since we normally trade at 200k$.
But its still nothing compared to the highs of 2017, where volume peaked at 40M$ (ONLY Cryptopia!) and I believe this is what we need to move back towards these price levels (1000sat~ or around 20cents).

Also a word of warning. Our last bounce was also with similar volume and we didnt manage to hold. So having a stop loss in mind will be very clever.

So here is my trading Idea based on Eliot waves and Fib retracement.

Timeframes may vary a lot from what I did draw so its more like an idea about where we may see resistance and support and not actual dates of when ETN does what.

  • So my current buy zone would be anywhere around the 0.236 Fib line (Red line).

  • Stop loss would be a little under that. I wouldnt put an automatic stop loss since you may get triggered out to easily because of volatility.

  • Profit taking would be on the way up towards around 240 sat or more.

And If you plan to stay with ETN for longer I like this strategy:

  • So your first stop loss will be under 0.236Fib line.
  • IF we cross the 0.618 Fib Line Stop loss moves there.

From that point on we will have to re-evaluate.

What do you think ?


Electroneum - Weekly Chart 09/20
#2

Sounds good @CryptoMatt but for me i personally am hodling ETN more currently and buying more here and there then buy and sell everytime for day traders this might be a perfect strategy for sure :thinking: But i agree we have a long way to go to reach our last year gains but its not impossible i believe that we can do that again :wink:


#3

@CryptoMatt
Your TA looks great.

Our previous support zone was 240-250 sats (broke down in June 18). This level will become an important resistance level, but confident bulls will smash this resistance during the October Uprising.

When (if) broken, it will spark real fomo and possible propell ETN back to 600-900 levels


#4

I think with a decent bullrun that will be very possible. Even if it may seem very far away at the moment. Considering we are on so much more exchanges the FOMO effect will spread much wider and introduce more volume. Maybe next year when ETN starts to generate revenue we may even see bigger exchanges like binance ie.


#5

A little update.

One of the most important indicators for market growth is volume. With ETN we are still at 5x Volume from our “normal” range. We currently have a daily volume of around 1.2m$ which is great and if we can keep this up, then this pattern will likely play out or even exceed expectations. However if the volume even goes higher we can see some rapid movements to the upside that may remove sell walls. On the other hand we need to look out for a drop in buyside volume which may result in a drop to previous levels.

My sentiment: Bullish but wouldnt buy “right now”.


#6

Most sell walls are already currently bulldozed down by people from :cowboy_hat_face::


#7


Cryptopia sell wall is being challenged =)


#8

I think a correction becomes more and more necessary. We reached a peak of 2.4M$ of Volume which is HUUUUUUGGE. Considering our default volume used to be 200k$. I dont think we can hold this forever thus a correction would make sense. Looking at Fib Retracement it would lead us to around 110-120sats


#9

Holy S…
grafik

Well target reached. As I said it could be faster than expected. But to be honest. I didnt expect it to be THAT fast.

Waiting for a correction now I guess. Or are we going insane ?


#10

I think everyone is too hyped at the moment. But notice how the fibonacci tool did very nicely show us resistance and support levels during the runup. Here on the hourly:

I think this can also help us to determine buyin levels incase you took profits or want to get in as well. I’d say a ~50% correction or 0,5 fib level (depending from where you measure) would be pretty healthy. That would put us around 157 sats. which was also a support level in that crazy run.
I know many traders would also buy at around 120Sats as well since thats the 0.236 Fib line where most of those gigantic runups corrected to in the past.

Oh and I’m also fine if we just keep going straight up. Just dont think thats very likely x).


#11

Yup The Fib doesn’t lie @CryptoMatt :wink: how can you watch ETN at tradingview?


#12

https://www.kucoin.com/#/trade.pro/ETN-BTC

Kucoin has tradingview :slight_smile: Righclick to get the drawing tools and indicators.


#13

Oh cool thanks to know @CryptoMatt


#14

Sellwalls on Kucoin are pretty large (Buy orders: 15BTC. Sell orders around 200BTC). :four_leaf_clover:
grafik

Doesnt mean its impossible to go up. But it means we would need another HUGE volume spike. Still think we need to cooldown.


#15

Volume is still over the roof. But the last two 15 minute candles show some signs of a cooldown on kucoin. However cryptopia has double the volume and even last 15 minute candles are pretty high. So the FOMO is mainly on cryptopia. Bullish scenarion would look like a bear flag instead of a dead cat bounce. But I believe its unlikely (but not impossible) to get another move to the upside today. I will not bet on that though. Risk/Reward is pretty bad imho. Also I dont know if a stop loss would really work well with that much volatility.

grafik

grafik


#16

That is why I said we need more exchanges, because maybe not all people can use Cryptopia or Kucoin. Binance is a better option in terms of usability and of course, it has way more accounts trading there, which could help even more with the volume


I belive etn will be worth $5 come 2019
#17

Based on all of that one of these scenarios is what I’m looking at to put another trade.


#18

I don’t see a retrace. I see no reason for it.


#19

Totally agree. I think we would see even more explosive volume on binance. I saw coins that went up like 400% in a day after they got added. And ETN even has nice fundamentals meaning after such a pump we could hold many of these gains imho.

Then again if you are in for the long run its better if we would get listed when hype is at a peak level.

Like when we are accepted in many shops and we reach 1$ for the first time (not saying that will happen). This could then catapult us to like 3-5$ before we correct and build a nice base at 1$. [/dreamingoff] :smiley:


#20

Well 300% upside in a couple of days is reason enough. I dare you to look for a coin that did that and had no correction.