ENA/USDT Potential Pullback to Trendline Support Before Resumpti
The ENA/USDT daily chart shows a potential pullback scenario to a significant upward trendline support before continuing the bullish trend. The current structure suggests healthy consolidation after the recent rally.
Key Observations:
Trendline Support: The green upward trendline has consistently supported the price since the beginning of the uptrend, indicating its importance as a key level.
Bollinger Bands: Price is currently consolidating near the upper band, with a likelihood of retracing toward the middle band or trendline for mean reversion.
Support Zone: A potential pullback to the range of 0.53–0.54 aligns with the trendline and provides a solid re-entry point.
Trade Plan:
Entry Strategy:
Enter long positions within the 0.53–0.54 support range, awaiting confirmation with bullish candlestick patterns or increasing volume.
Stop Loss:
Place stop loss below 0.52 to protect against a breakdown of the trendline.
Take Profit Levels:
First Target: 0.58 (recent local high).
Second Target: 0.60–0.62 (next resistance zone and upper Bollinger Band area).
This analysis assumes the continuation of the bullish trend, supported by volume and overall market structure. Monitor for increased selling volume to adjust the plan if necessary.
Key Observations:
Trendline Support: The green upward trendline has consistently supported the price since the beginning of the uptrend, indicating its importance as a key level.
Bollinger Bands: Price is currently consolidating near the upper band, with a likelihood of retracing toward the middle band or trendline for mean reversion.
Support Zone: A potential pullback to the range of 0.53–0.54 aligns with the trendline and provides a solid re-entry point.
Trade Plan:
Entry Strategy:
Enter long positions within the 0.53–0.54 support range, awaiting confirmation with bullish candlestick patterns or increasing volume.
Stop Loss:
Place stop loss below 0.52 to protect against a breakdown of the trendline.
Take Profit Levels:
First Target: 0.58 (recent local high).
Second Target: 0.60–0.62 (next resistance zone and upper Bollinger Band area).
This analysis assumes the continuation of the bullish trend, supported by volume and overall market structure. Monitor for increased selling volume to adjust the plan if necessary.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.