ETN looking primed for takeoff
Updated
Electroneum has a similar pattern forming that occured just before its last big push in May. (circled)
- We have the rounded bottom.
- Uptick in the 9 & 21ema (yellow & green lines)
- Break of the large descending triangle.
- Break of resistance.
- Rsi upticking and now above 50.
- Increase in volume.
I'm expecting that we see a slight retracement below the green support, to create a bull flag (possible entry),
which would give time for all the Ema to cross over and converge together building extra support and momentum.
Prefer that the red 200 ema be at the bottom.
As always do you own due diligence, this is just what I am seeing.
- We have the rounded bottom.
- Uptick in the 9 & 21ema (yellow & green lines)
- Break of the large descending triangle.
- Break of resistance.
- Rsi upticking and now above 50.
- Increase in volume.
I'm expecting that we see a slight retracement below the green support, to create a bull flag (possible entry),
which would give time for all the Ema to cross over and converge together building extra support and momentum.
Prefer that the red 200 ema be at the bottom.
As always do you own due diligence, this is just what I am seeing.
Note
- Retraced as mentioned above.- Broke descending triangle but with no strength.
- Rejected at resistance 54sats - green line
- Retesting top side of descending triangle.
- In range.
- Moving average resistance.
Press right arrow - chart still in play.
At this moment support and resistance are important. May consolidate between.
A close above 54sats good for bulls - A close below 40sats good for bears.
If it stays at this level we have double bottom.
Note
Press right arrow - chart still in play. - Still in range, last 6 days 17% up
- Fractal mentioned (circles)- although more drawn out and compressed could possibly still be in play. Needs to break the green line resistance for more upside.
- Has gained the support of 9 and 21 ema which is a nice sign.
- currently sitting on the 50ema so hopefull that holds.
Note
The orginal trade didn't play out, as we did not get a break out.- instead we got sideways movement for the last 2 months.
- at the bottom of the range.
- under all moving averages on the daily.
- Interested to see if we bounce off this support or break futher down.
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