ENJ/BTC | 12hr | Heiken Ashi candles | 33%-71% profit potential
Hey Traders!
Here's what I see for ENJ/BTC pair on the 12hr chart. Lets read the chart from top to bottom.
1. Heikin Ashi Candles: Trend is showing 6 Green bullish candles at the moment.
2. Support/Resistance: Drew 1 strong support line which is obvious. I drew 3 resistance lines that I will use as sell targets.
3. Moving Averages(MA): My Moving averages match Binance. That is 7(yellow), 25(blue), 99(purple). ENJ broke up through the blue MA and now ENJ needs to break the 99(Purple) moving average and we will be moving up big time in profits but bloody Monday is coming and we all know what happens there. I see a slight rejection happening right now for a few days.
4. Volume: Volume is green still and near the Moving Average.
5. Stoch RSI: Over Bought. Simple explanation here. Overbought means the price will go down.
6. MACD: Still looking bullish as the green line is staying above the yellow and the Histogram(Tick marks) are ascending. Everything is still green.
All in all, I think ENJ will move up to those sell target but will have to fight to break through all those previous rejections, 99 MA, & bloody Monday. This is a mid range trade.
As a short term trader, I will take those 2 first targets at 4921(Target 1) and 5645(Target 2) but won't stick around for the last target around 6391. I'm too impatient to hold a position too high.
Thank you.
Here's what I see for ENJ/BTC pair on the 12hr chart. Lets read the chart from top to bottom.
1. Heikin Ashi Candles: Trend is showing 6 Green bullish candles at the moment.
2. Support/Resistance: Drew 1 strong support line which is obvious. I drew 3 resistance lines that I will use as sell targets.
3. Moving Averages(MA): My Moving averages match Binance. That is 7(yellow), 25(blue), 99(purple). ENJ broke up through the blue MA and now ENJ needs to break the 99(Purple) moving average and we will be moving up big time in profits but bloody Monday is coming and we all know what happens there. I see a slight rejection happening right now for a few days.
4. Volume: Volume is green still and near the Moving Average.
5. Stoch RSI: Over Bought. Simple explanation here. Overbought means the price will go down.
6. MACD: Still looking bullish as the green line is staying above the yellow and the Histogram(Tick marks) are ascending. Everything is still green.
All in all, I think ENJ will move up to those sell target but will have to fight to break through all those previous rejections, 99 MA, & bloody Monday. This is a mid range trade.
As a short term trader, I will take those 2 first targets at 4921(Target 1) and 5645(Target 2) but won't stick around for the last target around 6391. I'm too impatient to hold a position too high.
Thank you.
Trade active:
Update: Well as expected, We seen bloody monday come a day earlier which brought the price of alts down but as you can see today, we are headed back up. If you're not in this trade, you still can get in and make 30%+ profits. As in the chart below, Every trend upwards produced 30% gains. I'm using the Heikin Ashi Candles and if we are seeing a green bull candle on this big time frame, 12H then price is looking good down on the battlefield at the 1H, 15M where trading is fun if you have time.
Let's see how this plays out. You can see the channel supports/resistances drawn. Still, the price needs to bust through that Purple MA and stay above it to be confident
Make sure you have SL set to minimize your losses if ENJ takes a deep nose dive. Good luck.
Let's see how this plays out. You can see the channel supports/resistances drawn. Still, the price needs to bust through that Purple MA and stay above it to be confident
Make sure you have SL set to minimize your losses if ENJ takes a deep nose dive. Good luck.
Comment:
I'm giving ENJ to about 2850 sats before I manually closed this. This coin is a hot mess and reacts so bad to BTC movements. Like Everyone always stresses, set Stop loss. Not only is ENJ falling as BTC rises, once BTC corrects around 5.8k, ENJ it will still fall. Ouch
Trade closed manually:
I'm out.