Enjin Coin / TetherUSUpdated Enjin still in corrective mode
Hi guys,
its been some days.
First in our ABC Pattern a falling wedge was formed. Enjin broke out to the upside. Apparently Enjin formed a rising wedge which it broke to the downside today.
So I see 2 Szenarios:
Szenario 1: Enjin finds support at the 0.68 Fib Level at around 1,90 - 2,00
Szenario 2: Enjin takes a bigger break to the 0.5 Fib at around 1,50 - 1,60
We can see a strong correlation to the BTC movement to the downsides. At the moment BTC is potentially forming an inverse H&S. The right shoulder might get formed in the next couple of days which would lead into Enjin moving further to the downside.
Also BTC might form a big rising wedge which will get interesting if the H&S Pattern gets confirmed.
So lots of questionmarks: We need to look where Enjin will find support with an eye on BTC.
As always, this is no financial advice. Do your own research.
its been some days.
First in our ABC Pattern a falling wedge was formed. Enjin broke out to the upside. Apparently Enjin formed a rising wedge which it broke to the downside today.
So I see 2 Szenarios:
Szenario 1: Enjin finds support at the 0.68 Fib Level at around 1,90 - 2,00
Szenario 2: Enjin takes a bigger break to the 0.5 Fib at around 1,50 - 1,60
We can see a strong correlation to the BTC movement to the downsides. At the moment BTC is potentially forming an inverse H&S. The right shoulder might get formed in the next couple of days which would lead into Enjin moving further to the downside.
Also BTC might form a big rising wedge which will get interesting if the H&S Pattern gets confirmed.
So lots of questionmarks: We need to look where Enjin will find support with an eye on BTC.
As always, this is no financial advice. Do your own research.
Note
BTC Chart:
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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.