Enigma / BitcoinShort
ENG Tight Downward Channel
Enigma didn't have quite the correction/recovery that I was expecting earlier when it broke out of the last ascending triangle. The volume of trading was significantly lower than previous breakouts and is likely correlated to the strong price correction.
However, ENG is now forming a nice channel as it corrects toward the major support area of 35K-36K satoshis. I'd look for both a breakout above the channel and for the 1 hr MACD to break above the zero line as an indicator that ENG has finished its correction and is ready to start trending upward again (good buy time). Otherwise, I'd wait for it to find a level of support.
However, ENG is now forming a nice channel as it corrects toward the major support area of 35K-36K satoshis. I'd look for both a breakout above the channel and for the 1 hr MACD to break above the zero line as an indicator that ENG has finished its correction and is ready to start trending upward again (good buy time). Otherwise, I'd wait for it to find a level of support.
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