Electroneum pushes sideways but for how long??
Updated
Hello everyone and welcome back. Hope everyone is having a great summer! Looking at the #ETN chart we can see sideways action over the past few weeks. In my last updated, I did mentioned this was to be expected, even after the upgrades to Electroneum's blockchain. The reason is simple, we have more hodlers and sellers then buyer. Now, thanks to the upgrades and partnering with NGOs for mining purposes, as well as others, we see less selling pressure. In the chart above I outlined two things.
1) Descending Wedge - If ETN follows this wedge downward then it is likely we can see low 20s, which was the case when we were in the mid 40s and I called mid 30s. However, even if we dip to low 20s I believe it will be short lived. The other possible scenario is that we break the wedge sooner within the next 10 days and continue with the sideways action between 40 - 60 sats. We need to wait for confirmation before deciding on the direction of ETN long term.
2) The bottoming Curve - When a trading asset bottoms out, it creates a curve where the price initially spikes after tremendous downward pressure then it creates a lower low and begins to move sideways along this curve until it breaks free to the upside. In about 10 days we should be around the middle of this curve.
Electroneum is a project that showed great potential from day one, but the direction of the company was never clear until NOW. After the last blockchain upgrade we have a clear understand of where the team wants to take us. The next half of 2019 is looking very promising. If there was ever a time to accumulate and fill your bags it would be now!
Everyone enjoy your summer, keep your bags safe and don't believe the FUD. The greatest things in life come at a great price so patience is key.
This is not investment advice. This is only for educational and entertainment purposes.
Awareness619
1) Descending Wedge - If ETN follows this wedge downward then it is likely we can see low 20s, which was the case when we were in the mid 40s and I called mid 30s. However, even if we dip to low 20s I believe it will be short lived. The other possible scenario is that we break the wedge sooner within the next 10 days and continue with the sideways action between 40 - 60 sats. We need to wait for confirmation before deciding on the direction of ETN long term.
2) The bottoming Curve - When a trading asset bottoms out, it creates a curve where the price initially spikes after tremendous downward pressure then it creates a lower low and begins to move sideways along this curve until it breaks free to the upside. In about 10 days we should be around the middle of this curve.
Electroneum is a project that showed great potential from day one, but the direction of the company was never clear until NOW. After the last blockchain upgrade we have a clear understand of where the team wants to take us. The next half of 2019 is looking very promising. If there was ever a time to accumulate and fill your bags it would be now!
Everyone enjoy your summer, keep your bags safe and don't believe the FUD. The greatest things in life come at a great price so patience is key.
This is not investment advice. This is only for educational and entertainment purposes.
Awareness619
Note
Currently ETN is riding along side the upper downward trend line. We want to see a break out to the upside which can lead to a short term pump of 10 - 15 sats. I believe this scenario can happen if BTC comings to drop back to retest the yearly lows. A lot of people are saying BTC will go the moon from here but I still think we need to retest the lows. Its also possible to see ETN test the bottom of this downward trend line. Happy trading!
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