ENJUSDT has had a strong run up to this significant supply level. At the moment, we appear to be taking some time here to consolidate prior to attempting another push through.
the price action is forming an ascending wedge structure, which I'll be watching closely to help determine where to place my long orders. If the price breaks below the wedge, I'll wait for confirmation of a consolidation around the marked green demand area.
Alternatively, if BTC plays nice, the price may well push through the upper supply zone without coming back to re-fuel. If that occurs, I'll look for an entry on the re-test of the red box using a breaker block entry strategy.
the price action is forming an ascending wedge structure, which I'll be watching closely to help determine where to place my long orders. If the price breaks below the wedge, I'll wait for confirmation of a consolidation around the marked green demand area.
Alternatively, if BTC plays nice, the price may well push through the upper supply zone without coming back to re-fuel. If that occurs, I'll look for an entry on the re-test of the red box using a breaker block entry strategy.
Note
Looking more likely for the pull back option now. ENJ has not responded positively to the BTC push higher, and I'm expecting our lower box to get some love now.Note
The recent pullback on BTC has given ENJ the push she needed to drop into our area of interest for buying. I'm personally waiting to see what BTC does here before entering any trades.Trade closed: target reached
Significant moves on Enjin since my last update on this idea. For personal reasons I had to step away from the buttons and missed this move, but the area of interest for high value entries was tapped twice and the price has now reached the Fib extension target for a 75% move unleveraged. Congratulations if you made bank on this one.
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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.