ENJ.BTC now in BTFD mode? Enjin Coin Retrace to ReBuy zones map

Quick plot to map the Support and Resistance zones.
This is an early plot, ASSUMING retrace to start soon.
If it goes higher, or retrace starts, I will post a new plot.

BTFD Mode = Buy The Foog'in Dip Mode
Buying dips is easier said than done, unless one has a map.
This map accounts for current wave, and previous retrace.

Ping = single clean wick exactly to zone and bounce.
1st support coming up fast, aggressive buy entry.
Next support below would be Ideal if it gets a "Ping"

Comment:

Early Update

So we got a wee bit of a bounce where expected,

and now a Ping of the lower boundary of that zone.


Zoomed IN (3 min)

Near perfect Ping of bottom zone

Zoomed OUT (15 min)

That floor is from our Blue 5.236. That says 2 things:
1) the Blue fib is still relevant, so we can have faith in the other lines of that fib.
2) Blue Fib's ripples are floating upwards, so this might be looking for more upside.

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Comment:

Fib versus Fib

Snapshot has two fibs:
Green = Original on plot
Red = New fib of pullback

earlier, the Green fib was in control, but now the Red seems to be taking over.
So it should reach to the red 4.236 at 1156 sats at the minimum and expect a bounce there,
But be ready for one more leg down to the red 5.236 at our original support zone and "Ideal" bounce area'

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Comment:

Target Acquired, Longs opened

Decent bounce form the second support, as expected

Lets see how this bounce goes and I will start measuring.

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Comment:

Update from picture above ^^

Making some progress upward, but have just pinged an important fib, the red 3.618

Looking at the wave structure, dip may not be done yet

Blue 12345 may have been wave 3 of the Red 12345.
Break above the red zone above makes it less likely.

Zoom IN (3 min) and fib of Blue w4:

looks like a perfect 5.618 wave (5).

Zoom OUT (21 min) and include above Blue Fib

We now have a rather narrow zone defined for possible Red w5 target.

In summary:
Retrace looks orderly (following a fib) and with a logical structure (follow EW).
A lower low is likely, unless 1227-1241 breaks to the upside.


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Comment:

ed wave 4 might be done.

Zoom IN (1 min) looking at our bounce, and a Red fib added for Red w4:

Bounce may be done for now, that red 2.618 knocked it down pretty good.
Now to see if breaks below the red 1.236 (more likely bounce is done) or rebounds from the red 1.618 (bounce might reach earlier target up above).

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Comment:

Overview of Current status:

So we got a bounce from the "Ideal" zone.

But the correction might note be done yet.

This is the hardest juncture to apply EW because it could easily be of two paths

Was the bounce a wave 4 and wave 5 going down now?
Or was it wave 1 of a new 12345 (ie: retrace done),.


Zooming IN (8 min) and adding fibs

Green fib of bounce indicates a good "Impulsive" wave with 1.618, 2.618, and 4.236 pings.
Blue Fib of last pullback indicates possible corrective wave with 2.236 and 3.236 pings.

So I am leaning towards correction being done, for now....

Comment:

Red Pill or Green?

Looks like Green path more likely

First resistance at 1337/45 , lets see what happens there (if it gets there).

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Comment:

Bull still possible but less likely

Bullish scenario (green) still possible but not looking as good as it did

absolute lowest bull bounce would be the blue 4.236 at 1120 sats.

This is always the toughest stage to call.
Are we started a wave 5 down? or wave 3 up?
When in doubt, I like to lean towards current trend.
Current trend is up, so I will keep looking for bullish scenario but break below 1120 will cure that disease....

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I

Comment:

So we got a bounce at what should be "Very Strong" support

But it was pierced, so not a great sign for bulls.

Zoom IN a bit and added red Fib of last leg down

We see what bounce it, the red 2.618.
Again, not a great sing for bulls, they want to be pinging upwards fib waves, not this downward one.
As well, a 2.618 almost always causes a reflection, temporary or not ...

Zoom IN MORE (3 min) and adding a Green Fib of the last bounce

looks like this wave is about done.
4.236 is a common wave ender and the reaction looks it.
Now the 2.618 and 2.236 are Bullish bounce points, 1.618 being average.

Zoom OUT to 21min, including the Green fib just added:

the new Green 2.618 falls within a zone already identified by higher tf fibs on original plot.
So now I have adjusted that green zone a little bit (taller) because there is a cluster of fibs there now.

In Summary:
Falling back to the final support and brief pierce is not a great sign of strenght.
However, the bounce thus far DOES look PRETTY good,.
Now we need to see if bulls can hold the immediate support in bold green above (last snap)

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Comment:

Sorry for lack of updates in a while.
There has been no clear progress, but EVERY zone did its thing

several scalps were taken based on the bounces on zones.
I will post a new Idea as soon as something solidifies in my outlook.

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