ENJBTC 200 MA Fractal| Structural Resistance |Increase in volumeEvening Traders,
Today’s technical analysis will focus on ENJBTC, noticeable bull volume coming in, it needs to close above structural resistance.
Points to consider,
- consecutive higher lows
- Structural resistance to break
- Respecting trend line and 200 MA
- RSI projecting up
- Stochastics in the lower regions
- Noticeable bull volume
ENJ has been putting in consecutive higher lows, it must maintain this projection for a bullish bias. Structural resistance to break, a close above this level will confirm the trend change.
ENJ has been respecting its blue trend line, and bounced of the 200 MA, putting emphasis on a probable fractal, historically it leads to a pump.
The RSI is projected up, neutral territory whilst the stochastics on the other hand trades in lower regions; it has stored momentum to the upside.
There is a noticeable increase in bull volume which must sustain over the next couple days; this will increase the likelihood of breaking structural resistance.
Overall, in my opinion, ENJBTC needs to break resistance with a close; the macro trend will then be changed with a confirmation.
What are your thoughts?
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And remember,
“Hope is bogus emotion that only costs you money.” – Jim Cramer
