astronautdotgg
Long

ENJ - One more rally?

BINANCE:ENJBTC   Enjin Coin / Bitcoin
Who knew ENJ would fly as much as it did! My last chart of ENJ ended up yielding a whopping 300%, however I played it safe and took profits a bit early at 242%. Regardless, profit is profit and I said if I saw another interesting opportunity with this coin I would post another chart: so here I am.
This play is a bit more risky that the previous one, but has the potential for some decent profit. Keep in mind, I do say this is risky because we are still up more than 200% over the past week meaning there could be even more correction. Because of this, I'm encouraging you to use a VERY TIGHT stop loss. I like taking risky trades because you always miss the shots you don't take, and the possibly reward heavily outweighs a minor loss (assuming you set a good stop loss).
Anyways, on to the details! Huge news for ENJ in 4 days (March 14th) with the Unity Development SDK release for ENJ hitting the market. This is a huge event that is tapping into the mobile game industry (and Unity games in general) that can bring extreme adaptation to non-technical users. There is so much to talk about, but you can read more about it in my previous chart. Aside from that, we are in a falling wedge pattern which tends to be bullish . I've been expecting ENJ to correct for the past few days as it has reached crazy heights. Right now it looks like it is attempting to break out, if it does I will buy a position and set a very tight stop loss. Otherwise I will wait for it to fall into my buy zone and set a stop loss under the support. I have no specific targets, so I will just make reference to the fib levels and aim for ~5,479 and ~6,398 sats .
As always, please don't FOMO and forget to set stop losses. Again, this is more risky than my previous chart and I always advise people to be prepared for the opposite to happen.

My Strategy:
Break Out Entry: Anything that goes above the resistance.
Break Out Stop Loss: About 50-75 sats below the breakout level.
Normal Entry: 4,450-4,750 sats
Normal Stop Loss: About 50-100 sats below the support level (corresponding to the time frame).
Targets: 5,479 sats , 6,389 sats , (possibly more?)

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