ENJBTC trade ideas
ENJ 4h right now short move, after that long again.The fib resistance fan go respected really well on ENJ. So right now we are hitting resistance and will most likely see a small retracement. Either to the formed channel (support yellow) or actually to the 0.61 fibs. From there we should see movement up, here again the classic resistance lines are the ones to watch out for and the fibs too. Looking at RSI we can overlay the projected movement and see a higher chance of it moving that way as well.
Short term - short.
Mid term - long.
$ENJ coin, May 16 2018, TomJimCryptoFinished Elliott Wave 1, nice bullish wedge, about to break the resistance and go up to around 2700 before finishing wave 3
Very bullish trade
Buy zone: 1670-1580, don’t go all in, buy in pieces
Target:
Short time frame: 2050, algo-target+0.618 fib extension
medium difficulty, Longer time frame: 2300 algotarget+ fib extension 1
Can go up to 2700
Set Stop loss: 1480
Idea (May 04, 2018) (ENJ/BTC)New signal!
ENJ/BTC
Binance
Entry 0.0000180 (wait price to reach this level)
StopLoss 0.00001667
Rating 3.5/5
Profit goals1: 0.0000189 (Take 50%)
Profit goals2: 0.0000199 (Take 25%)
Profit goals3: 0.0000207 (Take 25%)
When T1 reached: New Stop loss for remaining position moves to 0.0000171
When T2 reached: New Stop loss for remaining position is entry point 0.0000180
WHY? 2 days in an uptrend, above all EMA's, rebounce from strong support. Good risk reward of 1.2 and social sentiment. Great news on May 7: ENJ will have a booth at Unite Tokyo, May 7–9, 2018, Tokyo International Forum.
Enjin Coin VS Bitcoin Support RejectedEnjin Coin has corrected down to 76.4% Fibonacci support, at 969 satoshis, that has been rejected cleanly. Prior to that ENJ/BTC also rejected the 8/1 Gann Fan trendline, by failing to close below with confidence.
The trend now seem to become bullish and price should continue rising. The nearest upside target is seen at 4.1k satoshis, which corresponds to the 127.2% Fibonacci and the 4/1 Gann Fan trendline.
On a downside, Enjin Coin might take some time to start moving higher and range trading could take place. Although only break and close below the 969 satoshis support could invalidate bullish outlook.