#ENJBTC Bounce or die, (another) buy the dip opportunity
Last (strong) support reached for $ENJBTC, touching the 3 months descending support/resistance line, the 6 months major upper trend support line (broken once during one week in March), and the 100 days Moving Average.
We are quite far down from the fractal pattern shared previously, and I moved the exponential rising line accordingly. I am still expecting the trend to resolve on the upper side. RSI is also touching an 11 months raising base line....
We shouldn't close below 1800 satoshis... After 3 days below that level on the daily, that would confirm a reversal, quite unlikely in my opinion.
We are quite far down from the fractal pattern shared previously, and I moved the exponential rising line accordingly. I am still expecting the trend to resolve on the upper side. RSI is also touching an 11 months raising base line....
We shouldn't close below 1800 satoshis... After 3 days below that level on the daily, that would confirm a reversal, quite unlikely in my opinion.
Comment:
LAst hope for the bullish case, a bounce here at 1630 sat at the horizontal support zone or a little bit lower at 1530 sat around the 200MA on the daily. The last two times, the daily RSI touched 30 while the price touched the 200MA before bouncing... Watching closely. As said before, all depends on BTC.
Comment:
Nope, the bullish scenario is not valid anymore, it didn't bounce and broke straight through the two supports @1900 and 1800 sat like in butter... I expect a bounce here (1630 sat) with probably a retest of 1800 sat. Doesn't look so good anymore in the mid term... All depends on what BTC will do. If BTC breaks through 10.500USD, then alt pairs will suffer. If BTC doesn't break, alts window will remain open. and it might reclaim the trend it was in. For the moment, the trend is invalidated, we can wait a retest of 1800 sats to sell and see what's happening from there.