ENGBTC Rising wedge + top of a pitchfork - short term correction

Updated

Enigma has had an amazing bull-run the past few days, but is seemingly running out of momentum. The price is forming a rising wedge while nearing the top of our pitchfork-trend. RSI is also telling us that the higher high has been made on lower momentum, indicating a short-term reversal.

Shortterm traders might look to place a stop-loss, but I'm holding enigma for the long term and will not be selling. Rather I'm looking for another buy-in at the median or bottom of the blue zone of our pitchfork.

Note

Here is my pitchfork trend:

Note

The 2h closed as a spinning top - indicating indecision in the trend. The 30m candle closed as a bullish engulfing.

This new 2h candle has a Td9 sell signal, which means some people might be looking to take profit in the next 2 hours.

Note

Coincidentally the hour candle is also a td9 sell signal.

Remember: don't sell, but put stop losses on your alts instead. Read up on the Williams Fractal indicator and learn to put stop losses that protect your profits, but keep you in the trade during a small correction.

Note

Correction: The 30m candle closed as a bearish engulfing, not a bullish engulfing.
Here it is:

Note

We didn't dip as far as I liked, but I still got a good buy-in at 41000.

Hourly is about to close as a bullish engulfing candle. Rsi is creating a lower low, while price created a higher low. I'm back to bullish.

Trade closed manually

We had our correction to the median line! I had a nice scalp from 41k to 44k and then got in at under 30K - how cheap :)

Longterm conservative goal for this year is $20

bjhriemersma

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