After having a blast off, ENJ has calmed down finding its way back to previous ATHs. Naturally, since this was an area of strong resistance, it will now become strong support.
Price is currently sitting on this support and rejecting the area. There is a high probability that price continues to appreciate from this level. This is a strategy that I have used with much success in the past, however nothing is for certain in the market. Sometimes the right direction doesnt equal the right trade.
We've had the break of the wedge, however Ill be waiting on:
-Another bullish candle then a pullback on the 1h TF.
-More signs of strong support at the 50% level because this isnt the regular extended W pattern.
-Volume Alerts (traderswisdom on twitter)
Let me hear your thoughts, previous analysis linked.
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Broke through 50% currently just under prev ATH, will continue to monitor. With BTC likely to make a push for new ATHs soon, its possible that from a 'crypto fundamental' perspective that ENJ can still appreciate from the current level.
From a technical standpoint, since we've broken 50% with some bearish pressure we should test the new logical area of support. This dd is likely people taking profits. Next area of strong support near 61% from the last break and retest to create the new ATH.
I think this will never stop...$ 12 ....just looking for sensible SL along the way...I move mine up as we fly.
N0ST0PL0SS
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@silverking, Imo, in a bull market, in time everything will go up. Sometimes from trading eyes, its hard to remember that. Trailing stops are definitely a good idea, I agree its hard to find sensible areas because all it takes is one small BTC sell of and you get a spike hit and price goes back up.
When I'm holding longer term, I usually pull the principal and let the profits run until Im certain price can continue back on the trend. Good luck!