ETN technical analysis

ETNseen from the 1W temporality we can observe how the price 1 month ago broke up the descending wedge causing an impulse of 4 bullish candles, the previous candle managed to close above the resistance located at 0.00000048, indicated in the chart above by the horizontal dark blue color, the closing has been with little volume, but the bulls have managed to mark signal continuation, the current candle is retreating in search of greater demand for the next move, so we should see a retreat into the area of demand located between the price range of 0.00000038 – 0.00000039, in this zone the price could find the necessary demand for a strong rebound of the price, the structure would be forming us a very necessary HL to determine if the price will continue rising, however, the price could also retreat to the zone of weekly demand located at 0.00000033, where the price would make us a double floor on the horizontal indicated in the graph above in black, if the price fails to hold the support and closes below that level, then we would have a new LL to the support located at 0.00000019.

ETN seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price in its retreat has formed a bearish “leg”, so we should one more as a result of that pattern, the key support level is located at 0.00000038, if we get a rebound in that zone, the price should have a strong bullish momentum that moves the price above the resistance located at 0.00000048 to achieve our profit targets, the first profit target is located at 0.00000058, while the second profit target is located at 0.00000070.

In conclusion, ETN has dropped a large percentage since the month of March this year 2019, now the price is showing trend reversal signal, we still need confirmation that the price will form an HL, this would be a great buyback signal to continue to rise, the long-term profit target is located within the price range of 0.00000108 – 0.00000115, indicated in the 1W chart by a light blue rectangle, however, if the price falls below 0.00000033, it is very possible that the price will form a new LL towards the support located at 0.00000019, therefore, I recommend to follow the price action in 1D and always use stop loss in your trades to avoid possible invalidations during the move.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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Liberland meetup in Prague

Yet another regular Prague meet-up which takes place every first Tuesday of the month. We discussed the newly created Free Trade Zone, a new social network for Liberlanders and the creation of a national ski association. This Sunday there will be a special event at our office in Prague as side event of the Paralelní Polis Hacker Congress. Join us! — s uživateli Tomáš Kupka, Michael Dupree Jr, Slavomir Katuscak, Jana Markovičová, Petr Křovina, Vít Jedlička a Filip Houf

Bitcoin Price Clears First Hurdle

Few days back we looked at bitcoin price as it neared the 7400 area again. Since then price got a boost and rallied with yesterday’s candle giving a nice push through the 8400 area, which is where price stalled out on the last bounce.

Ideal situation is we stay above 8400 before making a run at the prior support level of 9400. There are some prior tops from earlier in the year at 8700 as well so we could see some struggle there first.

Patience is Key

Downside remains the same. 7600 area is support. I’m not initiating any new positions here as the upside is nearly the same amount as the potential downside. Still holding my adds from the past couple weeks at 8400 and 7800. 9400 is my first profit target.

Atlantis Won’t Save Ethereum Classic

ETC is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016. A “fork” is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history.

In May 2016, the Decentralized Autonomous Organization (DAO), lauched by the Ethereum community, went for a crowd token sale to fund its development. After raising $150 MM, a flaw in DAO’s code was exploited by attackers and more than $50 million was drained out of DAO’s funds. A hard fork, ETC was implemented on the Ethereum that made the hacked transaction invalid.

One of the main difference between Ethereum and ETC is the coin supply. Ethereum has a uncapped total, but fixed yearly supply. ETC is set to between 210 MM and 230 MM ETCs. Also, Ethereum is planning to move to proof of stake and ETC is not willing to make. It appears ETC doesn’t have the same size or engaged community like Ethereum based on DApps and ICO launchings. Lastly and probably most importantly, Ethereum co-founder Vitalik Buterin has no intent of supporting ETC.

Atlantis was successfully implemented on the Ethereum Classic (ETC) blockchain earlier this month, bringing more compatibility with Ethereum (ETH). However, development on the ETC chain remains several months behind ETH, with very little activity over the past six months.

Source

As we all know communities are vital to the sustainability of a blockchain, but equally important, if not more important is the development taking place on a blockchain. Without development, a blockchain is sure to loss ground against other competing blockchain and is also guaranteed to loss its user base.

So where is price headed next, lets go to the charts to find out? Price as been hovering between $2 and $10 since the beginning of 2019.

However, the chart suggests price is heading down to the weekly demand at $2.00.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.