ETN - Weekly Chart


#1

Hello friends, I am not a chart expert, but those who are, please validate or correct. Here is the Heikin Ashi weekly ETN chart. Look at the trend since March, we have been in downward trend (Kucoin has only from March) In fact we have been in this trend since Jan like any other crypto - no surprise.

Take a look at the volume in September 17 - week (this week). It is the lowest so far. Volume has been also been in downward trend. The selling pressure has been reduced drastically. No more sellers. Even when BTC went down today, ETN didnt go down because we don’t have any sellers (may be a handful out of ASICs) I guess we reached / almost reaching bottom. We may consolidate between 70 to 90 Sat for sometime before we move up. I am happy that the selling pressure is over and the reversal is just around the corner. I would say we are in accumulation zone and will move sideways before we break the trend. Waiting for the first green… Any experts to suggest if I am right or wrong ? Thanks !!


#2

Well our price is dumping due to BTC coming down in price. Having decrease in volume is never a good sign it does not mean that less coins are hitting the market it mean that less coins are being purchased. I would much rather see 9 million coins a day being dumped and purchased right up. The Asic’s are running very close to operating cost around 80-85 sats or $.005 and the exchanges are filling up with sell orders in above 85 sats. From everything I have experienced when volume drops price is next. The Asic’s will have to cash in sooner or later when the do they will drop the price with 10’s of millions of coins snow ball the price down. I feel we are about to drop well into the mid or lower 70 sat trading range very soon. At the rate we have been trending don’t be surprised if we are well under 40 sat by December. No BTC bull market no increase of ETN price in my opinion. I hope I am 100% dead wrong in my opinion! :wink:


#3

I hope you are wrong. Thanks for your insights though :slight_smile:


#4

All want to buy at the bottom, that means they need a confirmation that this is the bottom. So the question is: How will teak the first step, the sellers or the buyers. This is a standoff.

Sellers: price go down
Buyers: price go up


#5

Well we are off well over 5% for the day and pretty darn close to going under $.005. I do not see any signs that we have bottomed and most signal are not looking positive for any type of price increase. :frowning:


#6

I didn’t expect this sudden drop…I thought the so-called experts said the market has bottomed already.


#7

Remember there are no rules and no one knows where our top price or bottom price may end up. I got into bitcoin when it was $5 each so from my point of View $6200 btc is crazy high even $1000 btc is high has heck. :wink:


#8

That is what I said on CCN on certain articles. I’m fighting constantly with those ‘‘expert analysts’’ that speak about MACD lines, trends and other crap like this. I keep telling them that these things don’t work in this market like in the stock market. And they work in the stock market because you can’t make too much profit out of it.


#9

In all reality we could just as easily have btc at $1000 each or $10,000 each by the end of the year. There are close to 1 billion dollars worth of BTC that got transferred out a mega wallet onto an exchange today, BTC could drop 1000 or more in price in less than a couple seconds instantly making ETN worth around .004 or less per coin. This is normal and should be expect in a BTC market that is fully rigged and manipulated by the powers that be. I know you are new to this but I have watched this happen 100’s of time and is nothing new. The only thing that is true about this market is that just about anything can happen at any time for no reason at all!


#10

Yes. If a BTC whale decides to short 10000 BTC, we would see a new low. But in the end it doesn’t matter, as they do this to keep the price low, until all the big players will enter the buying frenzy once again, and the market could easily rise to new highs. If they wanna make real money, like the previous year, they can’t stop us make money at the same time. I know they don’t want to let normal people make money, but their hands are tied.
I am new to this, meaning January 2018, but I am right about the fact that this market can not be predicted, as experienced analysts try to.


#11

Analyst do mistakes, but often got it right. Someone told me that i am shattering peoples dreams by telling that the price could go down or the price might only go up a few cents. Buy when the market show fear and sell when it is euphoria.


#12

Yeah but that is just trying to match the statistics of last year with the same period this year. Which in this market couldn’t be any more wrong, as it fluctuates from day to day, not speaking of year to year.


#13

we have lately hade a bear flag that indicate a down words trend and that needs to be broken. howe and when i can’t tell, but my guess is that we can see that in 3 hours if we hit my mark at 6000$ BTC. The BTC shorts have formed a bull flag so more people are betting BTC down. If you lock at the chart i posted yesterday i was to conservative in my estima and should hawe open a short position in BTC.