ENA/USD bottom fishing1. Major Support Levels
0.3300 - 0.3400: This is a very strong long-term support zone, marking the bottom of the previous bearish cycle (wave (Y)) and aligning with the 0% Fibonacci retracement.
0.3700 - 0.3800: This is the short-term support level where the price is currently consolidating near a thin Ichimoku cloud base.
2. Resistance Levels & Take-Profit Targets
Based on the WXY corrective structure and the projected Z wave, Fibonacci extension levels provide the following targets:
1.3206 (Fibo 0.786): This is your first take-profit level, coinciding with a previous swing high.
1.7618 (Fibo 1.272): The second target, a significant resistance according to Fibonacci extensions.
2.1232 (Fibo 1.618): This is the long-term target and a common level for major trend exhaustion.
3. Technical Indicators Supporting a Potential Wave Z Rally
RSI: Currently oversold at around 32, with a potential double bottom forming, suggesting a bullish reversal might be ahead.
MACD: While still below the signal line, the histogram is narrowing, showing selling pressure is fading.
Ichimoku Cloud: Price is still below the cloud but with a thinning and flattening cloud ahead, increasing the likelihood of a bullish breakout in the medium term.
4. Suggested Long-term Trading Strategy
Long Entry Zone: Accumulate between 0.33 - 0.38 for a long-term position.
TP1: 1.32 (about 3.5x from the bottom).
TP2: 1.76 (around 5x from the bottom).
TP3: 2.12 (6-7x potential return from the current support zone).
Stop-Loss: A weekly candle close below 0.33 would invalidate this long setup, and you should consider exiting.
5. Important Notes
This is a "bottom fishing" setup, so it might take 6 to 12 months for wave Z to fully develop.
Suitable for long-term investors who are comfortable holding for 6+ months.
Watch for confirmation signals like RSI breaking above 50 and MACD bullish cross.
