ENS pumped - What now?
Intro:
This is another coin that's pumped a lot recently. This coin isn't one of the old dinosaur coins that have been through multiple cycles - but it is still interesting to see how we could possible catch the next leg of this coin.
Analysis for entry criteria and BTC-pair analysis:
We saw the standard double bottom on the BTC pair:
That warned us that ENS would out perform BTC in the short-mid-term. Not quite mid-term, since we expect most alts to bleed on their BTC pairs or oscillate in the best case!
This year we saw a similar setup:
In the chart above you see a range from jan 2024 to jul.
We saw a big pump mid-may - we wait for price to "cool down" by letting it retest the RSI.
We notice the RSI retested the trendline at the 0.618 fib level.
That gave a good entry and a defined exit.
The stop loss and take profit is decided by the FIB I've drawn in that instanstance - see below:
I believe the same thing will happen in 2025, likely we get our entry point around january 2025, as we usually see retracements at that point in the cycle.
Let me know what you think!
Indicator used linked below:)) Free for everyone on TradingView
This is another coin that's pumped a lot recently. This coin isn't one of the old dinosaur coins that have been through multiple cycles - but it is still interesting to see how we could possible catch the next leg of this coin.
Analysis for entry criteria and BTC-pair analysis:
We saw the standard double bottom on the BTC pair:
That warned us that ENS would out perform BTC in the short-mid-term. Not quite mid-term, since we expect most alts to bleed on their BTC pairs or oscillate in the best case!
This year we saw a similar setup:
In the chart above you see a range from jan 2024 to jul.
We saw a big pump mid-may - we wait for price to "cool down" by letting it retest the RSI.
We notice the RSI retested the trendline at the 0.618 fib level.
That gave a good entry and a defined exit.
The stop loss and take profit is decided by the FIB I've drawn in that instanstance - see below:
I believe the same thing will happen in 2025, likely we get our entry point around january 2025, as we usually see retracements at that point in the cycle.
Let me know what you think!
Indicator used linked below:)) Free for everyone on TradingView
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Telegram:
t.me/ikkeomarfree
I can also pass funded accounts for you!
$50,000 accounts
Just dm my Telegram @IkkeOmar
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