Since 15th of May, Enigma has been steadily loosing to the Bitcoin, while moving from the 36.4k down to 19.2k satoshis. Price broke below the uptrend trendline and Fibonacci applied to the corrective wave up after the breakout shows, that 461.8% retracement level has been rejected cleanly. Along with the Fib level, 4/1 Gann Fan trendline also was rejected suggesting the potential trend reversal.
The key support area is seen between 18k and 19k satoshis, and as long as ENG/BTC stays above that area, the trend reversal or a correctional wave up could take place. There are few upside targets to watch, first is the 30k satoshis area, that corresponds to the upper trendline of the descending channel. If that level is broken, next target is 161.8% Fibs at 47k satoshis, which corresponds to the previous uptrend trendline.
On a downside, if the 18-19k support area is broken, Enigma is likely to test 88.6% Fibs at 16k satoshis area, and even can go down to 13k area to form a double bottom.
The key support area is seen between 18k and 19k satoshis, and as long as ENG/BTC stays above that area, the trend reversal or a correctional wave up could take place. There are few upside targets to watch, first is the 30k satoshis area, that corresponds to the upper trendline of the descending channel. If that level is broken, next target is 161.8% Fibs at 47k satoshis, which corresponds to the previous uptrend trendline.
On a downside, if the 18-19k support area is broken, Enigma is likely to test 88.6% Fibs at 16k satoshis area, and even can go down to 13k area to form a double bottom.