Dashiell

ENG breaking out into new trading range

BITTREX:ENGBTC   Enigma / Bitcoin
ENG appears to have a solid team and development community. The trade price doesn't seem to be directly following any social media hype which gives me some confidence that folks are just starting to assess the value of this coin. Following the charts, there's a pretty clear set of price moves that fit within a Fib profile from Dec 18 of last year to Jan 9 of this year. Each break out from the consolidation period in the ascending triangles maps well onto an extension from the previous price move and helps confirm the overall movement pattern.

Right now, I'm expecting the price to follow closer to the orange trend lines just because the volume hasn't picked up enough to push it up at the same rate of growth we saw after Christmas.

Price will likely spend some time trying to get through the sell wall at 58K satoshis,then peak above 60K for a little bit before correcting with some sell off before trying to rise up to 70K.

I'd recommend grabbing some profit at 60K satoshis, then buying back in when it hits the bottom support line. If the volume really starts picking up, then I would follow the same strategy, but follow the green trend lines with the higher targets.
I dig it, thanks for the profit grabbing analysis as well! The project is helllllla solid, so I think we may get to 70k sooner than you believe, but time will tell. Good luck out there!
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