ENJBTC retrace watch: Enjin pullback zones of interest

Updated

Enjin had quite a run, and is probably not done yet imo.
But it needs a retrace for profit taking and re-engaging bulls.
Green zones are Fib Confluences that should cause a reaction.

Extreme caution with these new coins and suddent hype.
But Samsung support and use in games is very bullish sign.
For me these are not hodl buy zones, just scalp zones.

Note

Here we are at the first sliver of support

ok bounce, but the fibs were pierced so that first support is probably drained now. Looking for next support around 4600-4667 zone

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Note

Approaching the minimum expected retrace poinst

Zooming in and addig EW count plus a fib to recent leg down

It is possible that the ABC correction is done. It has the requisited 5-3-5 wave substructure, and the Fib of wave C shows 3.618 bounce which can sometimes end a wave. But I think we are still leaning for the 4.236, the most common wave-ender.

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Note

Here we are at the support zone as expected

watching closely.

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Note

Decent bounce thus far

Note

Here we are at the "Likely" retrace point expected

Zooming in we see the EXACT reaction at fib confluence expected

now bulls need to break free of this micro fib and start a new one, otherwise we will see more down.

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EuroMotif

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