Energy Web Token + simple TA.

Updated

Hello again, I like to bring you something from DeFi.
Today, it will be EWT, actually rank 52.
It's not yet listed at many exchanges with decent total supply.

EWT focuses on building core infrastructure and shared technology, speeding adoption of commercial solutions, and fostering a community of practice.
In 2019 EW launched the Energy Web Chain, the world’s first open-source, enterprise blockchain platform tailored to the energy sector. EW’s technology roadmap has since grown to include the Energy Web Decentralized Operating System (EW-DOS), a “blockchain-plus” suite of decentralized solutions.
If you make a deep DYOR, you can found strong fundaments and connections to Tesla, Berkshire Hathaway, Shell, and list going on...

TA
Since EWT listed on KuCoin. we have yet no too much price action history. So let's see, what could be find at 4H timeframe.
From the end of August, EWT created downtrend regression channel. Every test at the top of channel & MA50 was rejected.
Here isn't displayed the whole chart history of EWT. Strong rally was done from 0.80 usd to 12 usd. There is for sure a much more space to fall down. That's the reason, why my Fibo is reversed and I am staying neutral before something happen.
Energy token made few gaps. 8.26usd is filled, 11.64usd is above. From September 5, EWT started to create low highs and higher lows in symetrial triangle ( pink ) and target could be exactly around gap above at 11.64 usd. It's also near my 382 Fibo level.
For start some uptrend, conditions in a next days are:
- hold around 786 Fibo
- upside breakout from the pink triangle
-get about 50MA (red) = also matching with the golden fibo area

That's all. I will try to update.
*This is not a financial advice.

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EWT made nice breakout with volume.

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ENERGY made also first higher high from it's downtrend. If breaks local bull flag, can continue higher.

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EWT creating something between falling wedge or extended bullflat. Be aware if will fall below 0.65 retracement.

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Another breakout, but without volume. Gold cross at 1H timeframe also created.

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Based on higher highs and lows and no volume at breakout from falling wedge it's finally bull falg. Potential uptred should started.

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If you extend flag lines, it seems to be breakout. But volume is kind week, even at 1H timeframe. You can move higher stop loss , if you trading. Watch out for breakdowns.

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4H view. EWT needs to get above 0.5 Fibo.

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To hit 382 Fibonacchi soon, EWT will need to make a new local high everywhere above 11.249 usd. Here´s also crossing near the top of regression channel.
If you still trade, thight your stop-loss more. Some retracement could occure if price action stay without volume, at least at 1H timeframe.

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I am bringing also EWT/BTC view here. The strongest resistance is above 786 Fibo. Overall, looks good for longer term perspective.

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Sunday market in red. EWT still holding and created falling wedge (blue), which is mostly bullish pattern. If you trade, watch out , if today weekly candle close below 0,65 Fibo. Bitcoin could drag price lower. But for now looks good.

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No volume, however bottom of the channel holding.

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You can notice that potential Cup & Handle formation is added. There is condition to breakout above 11.249usd high, which acting as neckline.
EWT is also at the bottom of regression trend. If breakdown occure, downside target is shown by red arrows. Greens are for upside. It can take some time to happen.

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Time to update regression trend channel. Red and green arrow displays potencial downside and upside targets for a next 10 days. If something happen, I will post new chart. A lot of updates was made here :v

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We could make an ascending triangle ( green) from support and local high. Into this formation is also Cup&Handle bullish formation. Fibo is reversed to the upside.

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Support was hit.

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Support is broken. Needs quickly back above.

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Nice, quick pull back. Soon, I will make a new chart. A lot of updates here.

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Energy started to form potential inverse Cup&Handle or inverse Head&Shoulders.

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If EWT falls below 8.9usd local low. Potential Head&Shoulders isn't valid anymore.

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Few minues later. EWT printed new local low and HS pattern is now invalid.

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Ewt is near the Fibo 0 level. I can see more downside risk also at BTC.

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EWT/BTC seems to hold support.

Trade closed: target reached

This TA is closed. I will post new, if i notice something interresting.

Emvo

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