Letโs analyze ENJ during the holiday season and identify triggers across different timeframes to make the most of market opportunities. Don't forget to check the Signature section at the end for updates! ๐
๐ Overview Bitcoin
Before diving into ENJ analysis, letโs look at Bitcoin. It broke the 95445 short-term support and is expected to move toward the 92722 support, where it might form a new structure. Key support levels for Bitcoin are 91K, 86K, and 81K, which hold significant importance.
Additionally, Bitcoin dominance is also dropping, forming red candles during this decline. This means the market as a whole is correcting:
Coins bullish against BTC are correcting less, Coins bearish against BTC are showing more red candles than Bitcoin itself.
๐ Weekly Timeframe
ENJ hasnโt shown significant movement. After breaking its smaller box resistance, it entered the larger timeframe box, only to get rejected from the upper boundary and return to the entry point of its box.
The 0.3743 resistance has become increasingly important. Once broken, it could signal a buy opportunity, preparing for a potential break of 0.6920. However, ensure the breakout is accompanied by increasing green candle volume and confirmation through RSI surpassing 83.90.
If you are holding ENJ and looking to activate your stop loss to exit, itโs logical to sell after breaking 0.1256 and closing a weekly candle below it. Always take stop losses seriously and look for re-entry triggers later.
๐ Daily Timeframe
After hitting the 0.3838 daily resistance, ENJ has formed lower highs and lows, returning to the 0.2116 support zone, which is crucial.
This 0.2116 support holds significance due to Fibonacci alignment,Its position on the 50% level, indicating potential for a rebound if the trend weakens.
Alternatively, breaking this support could lead to lower lows, bringing ENJ back into its weekly box. In this case, it might retest the 0.1854 and 0.1520 support levels.
โฑ 4-Hour Timeframe
Market volume has significantly dropped, suggesting reduced trading activity during the holidays. This low 24-hour trading volume has led to irrational and unnecessary market fluctuations.
๐ Long Position Trigger
After breaking 0.2483, a long position can be opened, but given the low market volume, trades should be executed with reduced risk.
๐ Short Position Trigger
After breaking 0.2105, a short position can be considered. However, logical trading during these conditions involves small stop losses and focusing on risk-to-reward ratios while quickly taking profits.
๐ก BTC Pair Insight
Currently, ENJ isnโt performing well against Bitcoin. After showing some signs of life by testing the 0.000000374 resistance, it got rejected and returned to its support level.
Keep in mind that breaking this resistance could finally bring ENJ some gains against Bitcoin, which would likely translate into USDT price increases during a bullish market.
๐ Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and donโt forget to share this analysis with your friends! โค๏ธ