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HODLBro
Jan 7, 2018 6:48 PM

Short term 1 hour trade on ENG Short

Enigma / BitcoinBittrex

Description

Jumping out at 3650, based on basic triangular analysis along lines of resistance.

Ideas only, not advice, but open to comments.

Long term, nearing end of pennant, so expect consolidation along central line, watching for breakout either up or down.

Comment

disappointing stall at 3600, brace yourselves for a downward breach of the bottom resistance line

Comment

Updated as requested @gegene - despite taking longer than suggested, the 3600 limit was triggered with a jump to 3800 - strong movement which could suggest a breakout is on the cards over the next few hours. This would be supported should we see a sell-wall develop on the next downtrend - the higher the wall, the more potential for a strong breakout to occur.

However, should there be a collapse past the lower support, this could indicate a consolidation settling around 3500-3600, or a sell off. However, ENG is a good platform in humble opinion, so I would suggest people would hold rather than sell at this stage.

Opinion not advice ;)
Comments
kirothos
bravo m8. nice call
kirothos
@kirothos, I mean I couldn't catch it on short term. but following you now to see what you are doing next ;)
gegene
update?
HODLBro
@gegene, updated
tom_d
It went to 3838 ... breakout ?
HODLBro
@tom_d, lets see, definitely a good sign that there are a few bulls in the mix.... have updated
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