ENJ - One more rally?
Who knew ENJ would fly as much as it did! My last chart of ENJ ended up yielding a whopping 300%, however I played it safe and took profits a bit early at 242%. Regardless, profit is profit and I said if I saw another interesting opportunity with this coin I would post another chart: so here I am.
This play is a bit more risky that the previous one, but has the potential for some decent profit. Keep in mind, I do say this is risky because we are still up more than 200% over the past week meaning there could be even more correction. Because of this, I'm encouraging you to use a VERY TIGHT stop loss. I like taking risky trades because you always miss the shots you don't take, and the possibly reward heavily outweighs a minor loss (assuming you set a good stop loss).
Anyways, on to the details! Huge news for ENJ in 4 days (March 14th) with the Unity Development SDK release for ENJ hitting the market. This is a huge event that is tapping into the mobile game industry (and Unity games in general) that can bring extreme adaptation to non-technical users. There is so much to talk about, but you can read more about it in my previous chart. Aside from that, we are in a falling wedge pattern which tends to be bullish. I've been expecting ENJ to correct for the past few days as it has reached crazy heights. Right now it looks like it is attempting to break out, if it does I will buy a position and set a very tight stop loss. Otherwise I will wait for it to fall into my buy zone and set a stop loss under the support. I have no specific targets, so I will just make reference to the fib levels and aim for ~5,479 and ~6,398 sats.
As always, please don't FOMO and forget to set stop losses. Again, this is more risky than my previous chart and I always advise people to be prepared for the opposite to happen.
My Strategy:
Break Out Entry: Anything that goes above the resistance.
Break Out Stop Loss: About 50-75 sats below the breakout level.
Normal Entry: 4,450-4,750 sats
Normal Stop Loss: About 50-100 sats below the support level (corresponding to the time frame).
Targets: 5,479 sats, 6,389 sats, (possibly more?)
*If you are enjoying the charts, please feel free to throw a thumbs up on the chart and follow my account. To get frequent updates, check out my public telegram and discord server below!
This play is a bit more risky that the previous one, but has the potential for some decent profit. Keep in mind, I do say this is risky because we are still up more than 200% over the past week meaning there could be even more correction. Because of this, I'm encouraging you to use a VERY TIGHT stop loss. I like taking risky trades because you always miss the shots you don't take, and the possibly reward heavily outweighs a minor loss (assuming you set a good stop loss).
Anyways, on to the details! Huge news for ENJ in 4 days (March 14th) with the Unity Development SDK release for ENJ hitting the market. This is a huge event that is tapping into the mobile game industry (and Unity games in general) that can bring extreme adaptation to non-technical users. There is so much to talk about, but you can read more about it in my previous chart. Aside from that, we are in a falling wedge pattern which tends to be bullish. I've been expecting ENJ to correct for the past few days as it has reached crazy heights. Right now it looks like it is attempting to break out, if it does I will buy a position and set a very tight stop loss. Otherwise I will wait for it to fall into my buy zone and set a stop loss under the support. I have no specific targets, so I will just make reference to the fib levels and aim for ~5,479 and ~6,398 sats.
As always, please don't FOMO and forget to set stop losses. Again, this is more risky than my previous chart and I always advise people to be prepared for the opposite to happen.
My Strategy:
Break Out Entry: Anything that goes above the resistance.
Break Out Stop Loss: About 50-75 sats below the breakout level.
Normal Entry: 4,450-4,750 sats
Normal Stop Loss: About 50-100 sats below the support level (corresponding to the time frame).
Targets: 5,479 sats, 6,389 sats, (possibly more?)
*If you are enjoying the charts, please feel free to throw a thumbs up on the chart and follow my account. To get frequent updates, check out my public telegram and discord server below!
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