Waiting for Stronger Signal
Hi traders,
Quick update. 3 and 2.7/2.8 support levels didn’t hold during Sunday’s crash in the crypto space. Next supports are 2.5 and 2.35ish, which used to be previous resistance levels. Ideally we’d want to see a break above the 2.50 again or even 2.8 on the daily chart to become bullish. I am not bearish and i think this is just part of the consolidation before we run towards new highs. Correlation with the stock market has increased so keep that in mind too. if you have no position on, 2.35 seems to be a good initial entry level with a first target 2.5, then 2.75/2.8 before 3.
I am rating the current price action as neutral until we see ENJ above 2.5 again.
I hope this analysis help.
Quick update. 3 and 2.7/2.8 support levels didn’t hold during Sunday’s crash in the crypto space. Next supports are 2.5 and 2.35ish, which used to be previous resistance levels. Ideally we’d want to see a break above the 2.50 again or even 2.8 on the daily chart to become bullish. I am not bearish and i think this is just part of the consolidation before we run towards new highs. Correlation with the stock market has increased so keep that in mind too. if you have no position on, 2.35 seems to be a good initial entry level with a first target 2.5, then 2.75/2.8 before 3.
I am rating the current price action as neutral until we see ENJ above 2.5 again.
I hope this analysis help.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.