(ENJBTC) looks so ripe! Massive falling wedge breakout?
ENJ chart looking so ripe! Let's get into the chart straight away!
Pattern: We can observe that a MASSIVE bullish falling wedge is forming and ENJ has been retracing for the past 3 months (in crypto world, it feels like forever) and has finally finished its retracement at the 23.6%.
Indicators:
MACD: Bullish and great momentum building up
RSI: Still have so much room upwards
How to confirm the breakout?: Candle closes above the resistance trend line (~2000 sats) (refer Blue arrow). The breakout should occur WITH volume.
Trading plan: Accumulate ENJ within the buy zone and wait for the breakout (if price closes above ~2000 sats).
Buy range: 1850-1950
Target: 2066-2154-2281-2442-2730-2907
Stoploss (10% from entry): 1665-1755
Pattern: We can observe that a MASSIVE bullish falling wedge is forming and ENJ has been retracing for the past 3 months (in crypto world, it feels like forever) and has finally finished its retracement at the 23.6%.
Indicators:
MACD: Bullish and great momentum building up
RSI: Still have so much room upwards
How to confirm the breakout?: Candle closes above the resistance trend line (~2000 sats) (refer Blue arrow). The breakout should occur WITH volume.
Trading plan: Accumulate ENJ within the buy zone and wait for the breakout (if price closes above ~2000 sats).
Buy range: 1850-1950
Target: 2066-2154-2281-2442-2730-2907
Stoploss (10% from entry): 1665-1755
Comment:
Let's see the progress: 3 green circles.
Circle 1:
Broke the 2 immediate trend line resistances (solid red and dotted green lines). However, pushed back down to previous zone due to BTC movement few days ago.
We can observe that it has bounced at our first support level.
Circle 2:
Immediately after the bounce, ENJ continued to test the support of the ascending triangle (dotted red line) but failed, went back down to find our first support level.
Circle 3:
At the time of writing, ENJ seems to break the immediate trend line resistance (dotted green line) quite easily and is now reattempting to test the support of the ascending triangle (dotted red line).
Let's continue to observe this potentially beautiful bullish ENJ movement.
Let's see the progress: 3 green circles.
Circle 1:
Broke the 2 immediate trend line resistances (solid red and dotted green lines). However, pushed back down to previous zone due to BTC movement few days ago.
We can observe that it has bounced at our first support level.
Circle 2:
Immediately after the bounce, ENJ continued to test the support of the ascending triangle (dotted red line) but failed, went back down to find our first support level.
Circle 3:
At the time of writing, ENJ seems to break the immediate trend line resistance (dotted green line) quite easily and is now reattempting to test the support of the ascending triangle (dotted red line).
Let's continue to observe this potentially beautiful bullish ENJ movement.
Trade closed: stop reached:
BTC massive movement has caused another alts bloodbath and this is a major one.
We shall wait for the alt season to come again, for sure it will come.
As for now, stay in BTC to be safe.
See you in the next trade! :)
We shall wait for the alt season to come again, for sure it will come.
As for now, stay in BTC to be safe.
See you in the next trade! :)
On the 4H chart, if ENJ breaks the immediate trend line support, we could see the price to drop to as low as in the 1775-1800 sats zone.
The blue boxes are the different support levels.