ENJ/BTC - 4 Indicators Suggesting a Good Entry.
Hello everyone! I hope you're well as usual, today I've discovered an interesting opportunity.
Quick disclaimer: I'm not held accountable for anything you do if you use my charts as trading signals, or a source of financial advice. My posts are simply thoughts and opinions, as well as information that can help educate people or spark discussions.
I'm excited to share with you my first post that isn't about BTC, but instead, an altcoin named ENJ, which is famous for partnering with Samsung.
Here's 4 Indicators I found that maybe worth an entry, let me know what you guys think in the comments below. The list are as follows:
1. Last Support Line at 1988 sats
2. Falling Wedge
3. Level 19 Oversold RSI on the 4 hour chart
4. Risk Management: 4.47-1 trade
1. Support Line
As you can see we've seem to hit the lowest level of support, and it's holding fairly strong as we speak. It doesn't look as strong as the others above it, but its the last one we've got, and if that fails we're looking at 1000 sats, back to its original sideways movement, worst case sceanario.
I believe its important to to consider every possibility. I predict that we won't break the support because alts are currently bleeding right now while bitcoin is currently having its spotlight moment at 6100 USD. BTC will eventually need to retrace down a bit, thus giving alts time to catch up again, in theory.
2. Falling Wedge
The support line isn't the only evidence to suggest we're bullish, we also have our 2nd indicator, the falling wedge. The falling wedge looks like its almost at the finish line, you can see its building up toward a bullish move.
3. RSI
Up next, we have the most important thing of all, the oversold RSI at level 19. This chart is on the 4 hour so you can clearly see its been like this for a while, the volume is telling us that its seriously oversold, which never stays there for long, or shouldn't at least.
When something is oversold, it quickly retraces back into to its comfort zone, which is at levels 30 to 70. At any moment, you can definitely expect a huge pump going vertically within a short span of time.
4. Risk Management
Last but not least, we have our risk/reward management analysis tool. Risk management is above all else. We're looking at a 4.47-1 trade, you have to ask yourself, how much can it dip?
We're almost touching the bottom at 1000 sats, there's really not much to lose, which is why the odds are in our favour, if you can find trades like that everyday, you'll be a billionaire.
In conclusion, I personally think we're going to hold the support, and then climb its way back up over time, whether it reaches the resistance or not its still a good entry regardless, and that's the key of being a good trader, your wins and profits come from good entries, otherwise you're doing it wrong.
Thank for your time ladies and gentlemen. Let me know what you guys think in the comments. Feel free to use my posts as an indicator for confirmation, or something you can use as a reference to your trades.
Twitter: @cyber_stocks
Discord: CyberStocks#9378
Feel free to support me, any help is appreciated. All funds will directly support my personal struggles, and most importantly, my mission of building an online brand :)
BTC Donations: 1AuZiofHSqM5gV1ttxUddNovDhEtHgMUgA
Quick disclaimer: I'm not held accountable for anything you do if you use my charts as trading signals, or a source of financial advice. My posts are simply thoughts and opinions, as well as information that can help educate people or spark discussions.
I'm excited to share with you my first post that isn't about BTC, but instead, an altcoin named ENJ, which is famous for partnering with Samsung.
Here's 4 Indicators I found that maybe worth an entry, let me know what you guys think in the comments below. The list are as follows:
1. Last Support Line at 1988 sats
2. Falling Wedge
3. Level 19 Oversold RSI on the 4 hour chart
4. Risk Management: 4.47-1 trade
1. Support Line
As you can see we've seem to hit the lowest level of support, and it's holding fairly strong as we speak. It doesn't look as strong as the others above it, but its the last one we've got, and if that fails we're looking at 1000 sats, back to its original sideways movement, worst case sceanario.
I believe its important to to consider every possibility. I predict that we won't break the support because alts are currently bleeding right now while bitcoin is currently having its spotlight moment at 6100 USD. BTC will eventually need to retrace down a bit, thus giving alts time to catch up again, in theory.
2. Falling Wedge
The support line isn't the only evidence to suggest we're bullish, we also have our 2nd indicator, the falling wedge. The falling wedge looks like its almost at the finish line, you can see its building up toward a bullish move.
3. RSI
Up next, we have the most important thing of all, the oversold RSI at level 19. This chart is on the 4 hour so you can clearly see its been like this for a while, the volume is telling us that its seriously oversold, which never stays there for long, or shouldn't at least.
When something is oversold, it quickly retraces back into to its comfort zone, which is at levels 30 to 70. At any moment, you can definitely expect a huge pump going vertically within a short span of time.
4. Risk Management
Last but not least, we have our risk/reward management analysis tool. Risk management is above all else. We're looking at a 4.47-1 trade, you have to ask yourself, how much can it dip?
We're almost touching the bottom at 1000 sats, there's really not much to lose, which is why the odds are in our favour, if you can find trades like that everyday, you'll be a billionaire.
In conclusion, I personally think we're going to hold the support, and then climb its way back up over time, whether it reaches the resistance or not its still a good entry regardless, and that's the key of being a good trader, your wins and profits come from good entries, otherwise you're doing it wrong.
Thank for your time ladies and gentlemen. Let me know what you guys think in the comments. Feel free to use my posts as an indicator for confirmation, or something you can use as a reference to your trades.
Twitter: @cyber_stocks
Discord: CyberStocks#9378
Feel free to support me, any help is appreciated. All funds will directly support my personal struggles, and most importantly, my mission of building an online brand :)
BTC Donations: 1AuZiofHSqM5gV1ttxUddNovDhEtHgMUgA
Comment:
@everyone, I believe I've put the wrong tag or label, it should be ENJBTC, not XRPBTC. #ENJBTC
Trade closed: target reached:
Support held, and now its pushing back! Target pumped to 2341 sats.
Oversold RSI pumped back into comfort zone at level 47. Nothing ever stays oversold for that long, the upward retrace was predictable as mentioned before.
Support held, and now its pushing back! Target pumped to 2341 sats.
Oversold RSI pumped back into comfort zone at level 47. Nothing ever stays oversold for that long, the upward retrace was predictable as mentioned before.