Like WTCBTC, this was one of the worst performers in my portfolio during the bear market. However, it finally seems to have bottomed out, although it still has room to fall another 50% or so towards 50k sats. Right now, it seems to have formed a good long term support. Last year, it had a parabolic rise, which is why I chose to chart this in the log scale. This scale also happens to align well with current price action, as the overhead resistance is just overhead in this chart, but not in the linear scale. This explains why it keeps getting pushed down. Even though it's been a bit frustrating recently, I redistributed some GVTBTC profits to ENG at 9500 recently. Ultimately, I think it will pop to the upside soon, along with the rest of the market. Last year, it increased nearly 20x in BTC value during its parabolic move. I also just really like the name and its use case.
BUY:
9100-9500 has proven to be good short term support
8000 retest of bottom
5000 potential new bottom.
STOP LOSS: below 9000 (not recommended since there can be a quick supply test that eats through stops and leaves you in the dust, as I've mentioned before. I prefer manual exits in crypto).
Potential SELL targets :
14000 resistance
17000
20000
30000
50000
1540000 (19.3x from 8000 bottom)
This is not investment advice. This is one of the last coins I will be tracking for now, as I have charted all the major coins in my portfolio at this point and I don't want to drive myself crazy.
-Victor Cobra
BUY:
9100-9500 has proven to be good short term support
8000 retest of bottom
5000 potential new bottom.
STOP LOSS: below 9000 (not recommended since there can be a quick supply test that eats through stops and leaves you in the dust, as I've mentioned before. I prefer manual exits in crypto).
Potential SELL targets :
14000 resistance
17000
20000
30000
50000
1540000 (19.3x from 8000 bottom)
This is not investment advice. This is one of the last coins I will be tracking for now, as I have charted all the major coins in my portfolio at this point and I don't want to drive myself crazy.
-Victor Cobra
Comment:
First update on this chart. ENG seems to be forming an ascending broadening wedge pattern, which is bearish. However this plays out (fakeout to upside or breakdown), this has a high chance of going down to test lower support around 8900-9000. This has been one of the weaker alts for a while now. Volume needs to come in soon for this thing to get moving.
Comment:
Moment of truth. 9000 or 12000?
Comment:
Looks like 8900-9100 area and then a rocket up to try and break the long term triangle resistance. Good buying opportunity down there.
Comment:
Bounced in the 9100 area as expected.
Comment:
Quickly fell back down again, as alts are looking weak across the board. If ENG doesn't bounce up here, it will likely be one of the few alts to actually make a new low (or rather test the 6000 zone that we wicked down to in March)
Comment:
If we shift the pink triangle resistance, we see that we did break out, but that the 6000 target is a very real possibility, since it lies on converging support (broken triangle resistance, and previous triangle support. It could also easily bounce up from this point back above the uptrend line if the whole market decides to rebound soon.
Comment:
As expected, ENG is dropping towards the 6000 area. It can rebound now if the rest of the market decides to do so, but price will want to gravitate towards that lower support.
Comment:
Some big buys coming in today as we bounced at 6800, which is a little higher than the projected area. This is happening with a bunch of alts - buying happening before support. This shows me that it might be bait to suck even more supply from the market before the final drop. Very nice candle here though. If it happens to get back above 9500 without dropping, that would be bullish.
Comment:
Looks like it was indeed bait placed by whales (small pump and dump). Lower levels are still in the cards, but as I said, if we break above 9500, that would be a good time to turn long term bullish on this coin.
Comment:
Since my last update, we've fallen pretty hard. On a macro scale, the recent stop hunt perfectly tested the broken triangle resistance as support....but that doesn't mean anything bullish. On the contrary, Bitcoin did the same thing before it dropped to lower levels, so be careful. My bearish target has still been around 6000, and we're getting close. We should see a bounce soon market-wide, in my opinion. A number of signs are indicating that. But the market never HAS to do anything. It can go straight to zero if everyone simultaneously loses confidence.
Comment:
Made it down to the bearish target 6000 area. We're seeing the market bounce a bit so now might be a good time to look at long positions.
