$ENG #ENGBTC Extensive Technical Analysis -Day Trader Explains

Hello Lads and Ladies,

Welcome back to TJs Daily TA session, this time requested by the Elite Trading Group, we will be looking at ENGBTC on the daily timeframe. As you see with the last TAs we are on a GEM-HUNT and getting all coins that are pretty bottomed out together and posting them here with nice targets so some lazy readers can simply follow it now and learn how to do it themselves.

The first thing that comes immediately in my eyes is that we have here very string trend angles which have been respected multiple times. As you can see the uptrend support lines have all a strong angle that is being respected. This angle indicates that Bulls of ENG are string and not really jumping on and off. As soon as they are there, everything goes up in the same angle and momentum. Pretty easy to follow, right?

As in most coins before we can see here very clearly almost the same structure of an exponential increase, a retracement, a bear flag and then even stringer downtrend which has ended at a strong level of support and is now flat with and increasing buy volume and momentum. We are in an accumulation zone where traders like us see the obvious opportunity and simply start accumulating more and more as the time proceeds since once again the longer we take to "pop" the higher and bigger will our "pop" be.

This time we will be taking the Fibonacci Tool and looking for potential targets instead of using only horizontal supports and resistances. It is applied at the top of the bear flag with 100% and at the bottom of the strong downtrend 0%. Once again here, we need to break the 61.8% retracement line to confirm an uptrend. Anything before that is "simply" a retracement. YET, as you see, even inside this retracement you have a 200%+ opportunity.

Now taking a look at the art, that we have created here on the chart.
If you want a perfect example of a falling wedge and its breakout look at the very first one on the chart. Could not be better.
Back to where we are right now - support. We can see the purple curved line which indicates a support as well. This MIGHT be the path ENGBTC will take in the next months. While having the horizontal supports as "backup".
We also see two small orange lines pretty much at the bottom. These lines have different meanings and can be used as follows.
The first case would be - Stagger down to support and take profits at the two small orange lines (for a short-term trade).
The second case would be - A close above the first orange line indicates that you can start buying and staggering down. The close above the second orange line is the last and full indication of a breakout and will most likely continue to the indicated targets.

Now, lets take a look at our indicators.
FOMO - is a clear buy signal, which might continue for quite a bit more.
Trendline - is green, confirming the direction and indicating an uptrend.
RSI - with 66 points is pretty high, yet up trending as well and has not seen a really straight move upwards.
StochRSI - Is with 100;99 very high, yet after such a big downtrend it is quite normal.

What I would like to see?
I think, a re-test of the curved uptrend line with a small wick below would be perfect. Simply to re-set some indicators and fill up my orders.

Speaking of orders, he is how I will do my trade:

ENG/BTC Binance
BUY 10000 - 9500 - 9120 - 8750 - 8250
TARGETS 13140 - 14816 - 18913 - 22224 - 25535 - 36255
Stop Loss CLOSE below 7777

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Cheers, TJ