This could be a trend reversal for ETN surpassing the significant 50 days moving average line.
For how long will it remain high is uncertain.
Resistance levels: 240 SAT, 300 SAT, 350 SAT
Support levels: 154 SAT, 115 SAT, 75 SAT
ETN/BTC Long-term trend: Bullish (1D)
Recording ATL at 75 SAT in mid-October 2018, price surged to 400 SAT before closing with a wick. Thereafter, the slow decline began in lower lows, lower highs pattern to the bottom of 154 SAT support level in last Thursday. On the daily RSI, the price drop shows from the overbought to the oversold, where the previous low lies.
Today, Electroneum is rising and sitting on the 50 days moving average line (in yellow). The cross signals more bullish move, aiming 240 SAT resistance. But on the Stochastic RSI, the market is currently at the overbought area. This suggests a possible short, which is likely to revisit the previous support before bouncing up. And if ETN drops below aforementioned support; 115 SAT lies next target.
ETN/BTC Short-term trend: Bullish (1H)
Electroneum is still advancing higher and waving on the yellow line, the 50 days moving average. The candlesticks are now closing the yellow line, a sign that buyers are losing momentums. Once trading breaks in the line; the market would experience a Short-term retracement. The support levels are 170 SAT and 154 SAT.
At the moment, the RSI is facing down; indicating a potential low. Though the price is yet to reach the overbought territory. Lying below the 30 line would position trade low. However, the inline might still continue if bidders hugely increase volume. Otherwise, sellers are already waiting to gain control of the trend. The current Stochastic RSI is at its low level nearing oversold. This indicates an ongoing selling pressure resulting to pullback on the chart.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing in any financial asset. We are not responsible for your investing results.