alanmasters

Enigma Breaks Out Of A Falling Wedge (Facing Resistance)

BINANCE:ENGBTC   Enigma / Bitcoin
Enigma ( ENGBTC ) has broken through the first barrier (EMA10) and is now facing strong resistance... Hit like now, if you want to, and please allow me to entertain you for a few minutes... Thanks a lot for the support.

Enigma has broken out of a falling wedge (red dotted lines) and is now facing the very strong resistance marked as MA200 (black line on the chart). If ENGBTC can break and close above this resistance, we can expect additional bullish action.

Let's take a look at the signals and see what we've got:

  • Volume is still very low, which isn't that bad in this case because there was already a break and close above EMA10 with no rejection, there was also low volume on the drop itself. So if the bulls follow up, we should start to see volume coming up now.

  • There is a MACD bullish crossover.

  • The RSI is starting up and gaining momentum and it broke its downtrend (green dashed line).

  • ENGBTC price retraced to the 100% Fib. retracement level. The last bullish wave has been fully erased.

Another Binance altcoin pair that is setting itself up for some nice bullish action in the near future.

Thanks a lot for reading.

This is Alan Masters... more to come...

Namaste.
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