WHERE IS THE BOTTOM FOR ENJ? - ENJIN COIN ANALYSIS
Updated
In our last enj analysis we talked about how price needed to reach at least the 61.8 retracement level of correction wave B as shown below
Now that we have reached and bounced from the 61.8 level, what comes next?
It appears our currect wave C has created a falling wedge pattern, which could soon be confirmed as a Running flat pattern 3-3-5 correction if we get another leg down.
Levels to watch out for buying are the 76.4, 85.4 & 90.0 fib regions. Have some orders at the 100% retracement level too(0.735) but i'm doubtfull of it.
Global View:
Should the above scenario play out, We will have ourselves targets ranging from $10-25
1st Target- Previous ATH
2nd Target- $10-13(1.382)
3rd Target- $17-25 (1.5-1.618)
If you agree, pls like and share your thoughts in the comments.
Always manage your risks.
Now that we have reached and bounced from the 61.8 level, what comes next?
It appears our currect wave C has created a falling wedge pattern, which could soon be confirmed as a Running flat pattern 3-3-5 correction if we get another leg down.
Levels to watch out for buying are the 76.4, 85.4 & 90.0 fib regions. Have some orders at the 100% retracement level too(0.735) but i'm doubtfull of it.
Global View:
Should the above scenario play out, We will have ourselves targets ranging from $10-25
1st Target- Previous ATH
2nd Target- $10-13(1.382)
3rd Target- $17-25 (1.5-1.618)
If you agree, pls like and share your thoughts in the comments.
Always manage your risks.
Note
Enj has managed to break out of it's downtrend channel and also above local resistance at the 0.618 fib level Creating a similar pattern to the fakeout that occured at resistance earlier on, enj looks as though another slight retracement might take place before calling it time on our long overdue correction.
Watch for price to retest the 0.618 region succesfully before buying.
Furthermore, a retest of the downward channel could be another scenario for a bounce and could coincide with horizontal support once more as well as shown below.
Summary: Watch for a succesful retest of the 0.618 fib region for bullish price action. Break that level and we can expect price to retest the channel breakout as support.
Trade closed: target reached
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