๐ธSignal Info: Enigma
Rank: #199
Exchange: Binance
Direction: LONG
๐ธAnalysis: Enigma is been trending down for a long time now, It made a stunning high back in December 2019, and it has remained trapped in this trending channel ever since. I have also drawn out Fib levels off that high candle close and the low candle close price Mid march. These levels appear to be in harmony and we can proceed with an assessment of a breakout strategy on this asset.
There is a massive volatility spike on ENG less than 1 week ago, creating a staggering low, which recovered immediately, to return to the inner band of the channel. This was caused when the price attempted to break out of the lower band the first time around, so it bring be confidence to see it returned and continued trading in the inner band.
We have a bit of an unusual chart pattern here, and inverted symmetrical triangle. I'd say we can trade a breakout here, with a tight first target to mitigate the risk all together. Addition targets are set along the intersecting bands where we expect resistance.
๐ธCurrent Price: 1752sats
โ๏ธBreakout Entry: 1805sats
๐ฏTake Profit: 2020sats, 2345sats, 3225sats
โฆ๏ธStop Limit: 1640sats (-9.14%)
PS - Join us on telegram @hashedplutus
Rank: #199
Exchange: Binance
Direction: LONG
๐ธAnalysis: Enigma is been trending down for a long time now, It made a stunning high back in December 2019, and it has remained trapped in this trending channel ever since. I have also drawn out Fib levels off that high candle close and the low candle close price Mid march. These levels appear to be in harmony and we can proceed with an assessment of a breakout strategy on this asset.
There is a massive volatility spike on ENG less than 1 week ago, creating a staggering low, which recovered immediately, to return to the inner band of the channel. This was caused when the price attempted to break out of the lower band the first time around, so it bring be confidence to see it returned and continued trading in the inner band.
We have a bit of an unusual chart pattern here, and inverted symmetrical triangle. I'd say we can trade a breakout here, with a tight first target to mitigate the risk all together. Addition targets are set along the intersecting bands where we expect resistance.
๐ธCurrent Price: 1752sats
โ๏ธBreakout Entry: 1805sats
๐ฏTake Profit: 2020sats, 2345sats, 3225sats
โฆ๏ธStop Limit: 1640sats (-9.14%)
PS - Join us on telegram @hashedplutus
