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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About the author: luis garcia
Technical Market Analyst Crypto trader

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