Cryptocurrencies

ENG technical analysis

ENG seen from the temporality of 1W we can see how the structure of sails has formed a descending wedge during the long downward journey that has had the price since May 2018, the current series of sails has managed to break the resistance of the figure and test the area of supply located at 0.00007888, the previous candle and current candle are being rejected by the high range of accumulation that we see indicated inside the chart above by the green rectangle, this is a good bullish signal, as well as the testing of the area of supply, the probabilities of continuing to rise are very high, for this to happen the price needs to be kept above the accumulation range and the diagonal trend indicated inside the chart above by the diagonal dark blue.

ENG seen from the temporality of 1D we can observe more closely the current movement of candles where we see as the price after breaking the descending wedge in the smaller figure lateralized a time forming the accumulation range that we see indicated inside the rectangle, the price managed to maintain the horizontal at 0.00002909 forming a double floor pattern as a reversal signal, this has caused the next bullish impulse that has managed to close above the resistance, currently the price has formed a bullish pennant that we see marked within the chart above by the two diagonals of dark blue, this is a pattern of continuation of the trend, therefore, we should see a break in resistance after completing point E of the pattern.

In conclusion, ENG presents an excellent bullish scenario that could give us very good gains in the medium term, the profit targets we can appreciate within the 1W chart, we have the first target located at 0.00013276, the second target is located at 0.00017392 and the third target is located at 0.00021697, if the price closes below the high range of accumulation we should expect a pullback in the zone of demand that we see in 1D located within the price range of 0.00004713 – 0.00005183, if this happens the continuation would be invalidated and the price could fail to go for the objectives, therefore, I recommend to be very attentive to the action of the price in 1D and always remember to place their stop loss to avoid possible invalidations during the movement.

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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