To continue my reputation as a bonafide ENJ shill, and a TA junkie, here's a chart. :)
It would be pretty risky to buy ENJ here, but this is the case to not sell if you're already a holder.
First of all, on the psychology front, Enjin has had a big hype cycle that concluded Friday at the end of a very successful GDC. This would be the perfect spot to sell the...
My pet alt, ENJ, is trying to buck the day's trend and make a stand tonight. For only the 3rd time since May18, it's testing just above the 150 day moving average. This time, for the first time in that timeframe, it's doing it off of an established higher low.
at 4.4 right now, 5.4 is confirmation of trend change. Basically it's trading at its late 2017 USD ico...
I'm not a huge "wave" guy, but I do know they usually trend is moves of 3 or 5. We have a super clear 5 wave decline in place, and what could be a first major move in the new direction... now fully retraced. First moves in a bull market almost always are distrusted and sold down fully retraced. If that's what this is, you can also see we are right into solid...
The BTC rally out of the H&S pattern was strong, but unsurprisingly it has faded back considerably. We're still grinding out a base, and rallies will be sold. But current price levels are now just above very strong support of the old inverse head and shoulders neckline. $6800, plus or minus, has a great chance at providing support. If it does break, there are...
As I suspected in last update, this first run above then down to the 150 day moving average as support did not hold. It was an important battle move for the bulls, but more time is necessary. Today we logically slipped down a bit, to find the 50 day moving average in the blink of an eye and of course it aligns with logical horizontal support.
So again... will it...
Bitcoin (BTC) appears to be about halfway through a healthy and technically classic basing phase. In the past few months it broke above its sharpest declining trendline, and then hugged that line while establishing both a less sharp declining trendline and a short term Inverse Head & Shoulders pattern. That H&S pattern has now played to completion, slightly...
High volume move off of declining trendline support breaks the 13 day EMA for the first time in weeks. Implies a move to the 50 day at about 7000 to 7100. Perhaps the first real step in building a base of longer term support.
Bitcoin (BTC) has found resistance on its declining 13 day EMA since May 14th. Today it looks like it really wants to break it. Easy run to 7100 if it does, and fairly likely run to 7500 and the resistance of the declining 50 day EMA. All within an overall continued basing process. Baby steps.
On April 24th BTC broke above the resistance of a declining trendline, and today is attempting to reverse off of the support side of that same trendline. Hard to get bullish with every moving average in decline, but it might be a first step.
