ETN /BTC Medium-term Trend: Bullish
Resistance Levels: Ƀ0.00000060, Ƀ0.00000065, Ƀ0.00000070
Support Levels: Ƀ0.0000004 0, Ƀ0.00000035, Ƀ0.00000030
Yesterday, July 29, the price of ETN was in a bearish trend. The price was retracing to the support of the 12-day EMA after the bulls were resisted at the Ƀ0.00000055 price level. The bears have broken below the EMAs and a bullish candlestick is opening below the EMAs.
In retrospect, on June 17, the ETN market reached a high of Ƀ0.00000070. On June 18, the bulls were resisted and ETN market was on a downward correction to a low at Ƀ0.00000039. The moving averages were trending northward indicating that price is rising. On the upside, if the bulls break above the EMAs, the crypto’s price is likely to rise to retest the Ƀ0.00000070 price level. However, if the bulls failed to break the EMAs, the crypto will be in a range bound move below the EMAs. Meanwhile, the price of ETN is in the oversold region of the daily stochastic but above 40% range. This indicates that the price of ETN is in a bullish momentum and a buy signal.
ETN/BTC Short-term Trend: Bearish
On the 1-hour chart, the price of ETN is in a bearish trend. The 12-day EMA and the 26-day EMA are trending northward The crypto’s price is fluctuating below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. However, the ETN price is in the oversold region of the daily stochastic but above the 20% range. This indicates the price is in a bullish momentum and a buy signal.
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