ENG/BTC - Playing fibs perfectly, retracing and huge potential
Updated
Enigma, the solid gainer all week. It’s had substantial gains over the last couple weeks with a few insane spikes going +25% in a day. It’s been great for wick-catching and proven to traders the bulls are in charge.
On the long term chart, ENG is respecting the big fibonacci levels VERY WELL. The peak from yesterday stopped exactly at the first fib off the bottom, fib .236. From the touch of the fib, it’s retraced 15% already but could be due for some more downside on the short term. However, for us that’s great news as it’s making creating another great entry.
By using 30min candles and throwing a fib-extension on the chart using the three extremes prior to the fib-touch (purple lines), we get the downside fibs and potential turn points. I’m targeting fib 1.618 on the retracement as the level to hold for bullish continuation.
This coin got a LOT of potential to the upside, and we got a lot of indications of it already being bottomed out. I’m not calling it, but it’s not a bad idea to enter already at these levels, and stack your orders down to the 1.618 fibonacci. Above the fib it’s also a weekly level marked in dark blue which is another place you should have some orders for longs. Funny thing, a STRONG daily level is exactly on the 1.618 fib strengthening it A LOT.
Targets for long term holding is market on the long term chart above with orange boxes. If you’d like some short-mid term targets specified, let me know in the comment section and I’ll provide them!
If you like it and would like to receive future updates - Please, follow me on TradingView!
If you follow me, I guarantee you will receive timely updates to this chart, and all other interesting tickers. This will allow you to stay on top of the assets current trend and hopefully maximize your profits!
For support, sign up to Binance and Bitmex with these links for referral
bitmex.com/register/JFOhf7
binance.com/?ref=10799260
If you agree, please, Like this Idea - This would be the best feedback and encouragement for me!
On the long term chart, ENG is respecting the big fibonacci levels VERY WELL. The peak from yesterday stopped exactly at the first fib off the bottom, fib .236. From the touch of the fib, it’s retraced 15% already but could be due for some more downside on the short term. However, for us that’s great news as it’s making creating another great entry.
By using 30min candles and throwing a fib-extension on the chart using the three extremes prior to the fib-touch (purple lines), we get the downside fibs and potential turn points. I’m targeting fib 1.618 on the retracement as the level to hold for bullish continuation.
This coin got a LOT of potential to the upside, and we got a lot of indications of it already being bottomed out. I’m not calling it, but it’s not a bad idea to enter already at these levels, and stack your orders down to the 1.618 fibonacci. Above the fib it’s also a weekly level marked in dark blue which is another place you should have some orders for longs. Funny thing, a STRONG daily level is exactly on the 1.618 fib strengthening it A LOT.
Targets for long term holding is market on the long term chart above with orange boxes. If you’d like some short-mid term targets specified, let me know in the comment section and I’ll provide them!
If you like it and would like to receive future updates - Please, follow me on TradingView!
If you follow me, I guarantee you will receive timely updates to this chart, and all other interesting tickers. This will allow you to stay on top of the assets current trend and hopefully maximize your profits!
For support, sign up to Binance and Bitmex with these links for referral
bitmex.com/register/JFOhf7
binance.com/?ref=10799260
If you agree, please, Like this Idea - This would be the best feedback and encouragement for me!
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