Update on ENJUSD (2nd Peak soon?)• ENJUSD has been forming an ascending parallel channel since Mar’20
• She touched the topline of this channel at her 1st peak.
• The Fib levels from 1st peak to bottom, from top to bottom of Wave 2, and from top to bottom of Wave 4 (assuming Wave 4 is over), suggest that she will reach the topline of this channel again between $6.076 - $8.056.
• ENJUSD has been forming a cup & handle since her 1st peak, and seems to be completing her handle at the moment. There is confluence with Fib levels, as the C&P suggests a 2nd peak of approximately $7.
• RSI levels appear to be forming a cup and handle too, but from end-Apr’21. This C&P suggest a weekly RSI peak of approximately 97%. Watch the weekly RSI hit around this level, dip and reach a lower high like what happened in Apr’21.
• *****Assuming BTC does not drag ENJUSD down****, and *assuming* we have identified the correct Fib levels, *and* the bottom of Wave 4 is in, then we should start approaching the topline of the parallel channel again quite soon.
• My gut tells me that we will break through the resistance levels at $6.076 - $6.519. I’m not optimistic that we will break through the resistance levels at $7.845 - $8.237. But let’s monitor and observe.
• At the moment, here are my TPs. I’ve learnt my lesson from LRC.
TP1: 6.178 (10%)
TP2: 6.590 (20%)
TP3: 7.002 (30%)
TP4: 7.826 (40%)
