Awareness618

ETN Bull run or Bull trap...? (ETNUSD) LONG

KUCOIN:ETNUSDT   Electroneum / Tether
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πŸš€ Its time to teleport to the WORLD of ELECTRONEUM ! ✨
Alight guys, take a deep inhale, exhale fully and sit back, relax, pop open a cold one and enjoy the show πŸ˜€

Trending : Long βœ”
The chart above was created on April 22nd.
Before posting it, I wanted to wait for a certain breakout. That confirmation happened on April 26. Over the following 4 days you guys can see what happened. Something interesting take place yesterday on this daily chart . The 300 MA popped up! I like using the 300 MA on the daily chart , because, I think it is a significant indicator of a trend reversal. ALRIGHT MOVING OOOON ! I took the pleasure of adding a yellow line to emulate the 300 MA prior to yesterday going back 5 days. We touched it, broke it, and closed above it. Now we sit below it. I am looking for a consistent closure above the 300 MA for the daily chart in order to make the CALL and open a trade.

Support : 21 EMA βœ”
The 21 EMA provides support on the large time frames like the daily and above. What kind of support? I'm glad you asked. The kind we see when there is a full blown out Bullrun. Now, I am not confirming that we are indeed in a bullrun. I am just stating how it is.

Additional Support : 100 MA βœ”
A) Keeping the daily 100 MA in mind moving forward. Lets zoom out to the weekly chart. Here, we would see that the 21 EMA is sitting right where I drew the red line acting as support.

B) The blue line represent the 21 EMA on the 3 day chart. Again providing additional support on the larger time frames.

C) Last but not least, we have a box representing the additional supports (A) (B). At the moment (A) is acting as support on the daily time frame. If we brake down I'm looking for support at (B). Due to BTC halving in a couple of days, I do not believe we will break further pass support (B). But what do I know 😁 nothing is ever guarantee in this space.

Final Word πŸ”₯
Proceed with caution over the coming weeks. One thing I will mention is, that about a year ago, I started hearing chatter about ETN decoupling from Bitcoin . That ETN was going to the moon πŸš€πŸŒ• All the moon bois got so excited they went out and bought up all the news. As we well know what transpire over the last year it was nothing close to BOOM, BOOMING, or MOONING. For this reason I, myself, move with caution and that why I waited to post this chart. We need confirmations first before diving deep in any situation(this applies to every aspect of our lives). Anyhow, to finish my thought on ETN decoupling from BTC , as you can see in the chart above ETNUSD (as well as other pairs like ETNBTC ) was trading somewhat of independent of BTC , but, In March 2020, all that changed. Since then, ETN has being moving right along the same path as BTC .
I've always been long on ETN for the most part and will continue to accumulate. Use your own discretion.

Where will BTC go? Will ETN follow? or will ETN "decouple?" These and many more question should be answered in our next adventure .
So long my follow explorers πŸ‘Ύ
🌟 Stay Safe
🌟 Stay Blessed
🌟 Stay Humble

(Disclaimer * This is not investment advice. This is purely for entertainment and educational purposes.)

Awareness618
Comment: So far so good πŸ‘Ύ
Comment: Looks like another possible bull flag... or maybe its a bull trap lol
Comment: This is an interesting spot to be in. We had a break out around June 29th. I'm looking to see if we can close and stay above .008c if not then most likely we will be seeing .003c levels get tested.