VictorCobra
Long

Enigma Faces Resistance, But If Broken, Look Out Above

BINANCE:ENGBTC   Enigma / Bitcoin
Enigma was my worst performing coin for a while. I sold it all for ONT a while ago, which was a good trade. However, I recently got back into ENG by reducing some of my Litecoin position. I wanted to post this trade now, since I'm going to generally be taking a break from charting over the weekend.

In my last ENGBTC analysis, I suggested that 6000 was likely the bottom, after we had a flash crash that wicked heavily on the broken triangle resistance (in pink). You can see the link to that idea below. So far, ENG has risen nicely from its bottom and is trying to break out of the 12000-13000 resistance.

I entered at 9590 today after the pullback (already a nice 10% rise), and I'm betting on this thing going a little wild. As I type this, it's rising pretty nicely, but ENG faces some heavy converging resistance (light blue and red). If we can break that and finally sustain some volume , I think ENG can really take off, and perhaps test its ATH on the Bitcoin ratio (maybe not an Enjin level pump, but who knows?)

Fundamentally, I chose to stick with ENG rather than WTC because I see ENG as having more speculative value. Its team is comprised of some serious people from MIT and you can bet they're working hard. If you watch my most recent video post, you can see why ENG might be easier to pump than WTC . People need to get excited about a rise in order for it to sustain, and I think since ENG doesn't have a tarnished record (along with strong fundamentals), people are more likely to jump into a price rise than with Waltonchain, even if WTC does succeed.

This is just a personal trade. May not play out how I want it to. I might end up holding this position for a while to see where it goes, or do some swing trading.

This is not financial advice. What you do with your money is up to you.

-Victor Cobra

Comment: Made a better attempt at that resistance last night, but got heavily rejected. Still looks fairly good though, with some sustained volume. I missed that swing trade opportunity because I was asleep.
Comment: First target at major converging resistance reached. Heavy rejection, but volume is still increasing overall. Let's see if we can make another attempt over the coming week and break out once and for all.
Comment: Daily volume keeps increasing, but we had yet another rejection at major resistance, with RSI looking overbought on the daily (although this may mean nothing if we have a major breakout). It's possible now that we have to pull back to the 10500 or the 9400-9500 area. Short term volume has dropped off a bit since the rejection, which at least shows that sellers aren't as interested as they were before. Ideally, I'd like to see ENG hold above 10500, but we may need more of a reset. Obviously a confirmed break above 13000 would mean a much bigger push up.
Comment: That light blue line is the resistance we absolutely need to break and hold above.
Please take a look at our idea and let us know what you think!

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