Well well well. After a bunch of flip-flopping, I somehow lucked out and managed to finally get back into ENG before today's rise. In my previous ENG analysis, I speculated that ENG could break back above its long term linear uptrend, and in doing so, produce a very powerful breakout towards the green zone. We hit my first target right on the money and have pulled back considerably. I'm much less of a short-term trader, and I tend to look at the mid-long term. Sometimes I swing trade, but that's about it. This breakout should be taken seriously. As long as ENG stays above the high 12000/low 13000 area today on increasing volume, it should be good to continue higher.
One of the reasons I got back into ENG was because I noticed how long it was consolidating, relatively flatly, on its ETH ratio. This signaled to me that once it broke out on the ratio, it would begin a bit of a bull cycle.
ENG/ETH chart shows clear attempt to break the range. We'll see if it can go higher:
As for what could happen next, we may need to first retest the broken resistance level, so one could try to buy between 12600 and 13600, aiming for another push higher. I guess we'll see. It might not get that low, or it could retrace the whole pump, but I'm betting on moving higher. My goal with this trade is to ride out a potential bull cycle for ENG, which could indeed put it much higher than it is now.
It doesn't have to play out in my favor, so caution is needed. This is not financial advice.
Previous ENG analysis:
-Victor Cobra
One of the reasons I got back into ENG was because I noticed how long it was consolidating, relatively flatly, on its ETH ratio. This signaled to me that once it broke out on the ratio, it would begin a bit of a bull cycle.
ENG/ETH chart shows clear attempt to break the range. We'll see if it can go higher:
As for what could happen next, we may need to first retest the broken resistance level, so one could try to buy between 12600 and 13600, aiming for another push higher. I guess we'll see. It might not get that low, or it could retrace the whole pump, but I'm betting on moving higher. My goal with this trade is to ride out a potential bull cycle for ENG, which could indeed put it much higher than it is now.
It doesn't have to play out in my favor, so caution is needed. This is not financial advice.
Previous ENG analysis:
-Victor Cobra
Comment:
if we have a bigger pullback, it could take us back to the light blue line, which is actually closer to 12000.
Comment:
Just a late update - But clearly ENG could not sustain back above that uptrend. I sold back to ETH when it was at 15000 on the Bitcoin ratio. Currently testing the lows. Obviously will post a new chart if things start to look bullish again. Should've posted a short setup on this one when we were rejected heavily.
