ENG has been moving nicely within the fib bands created by the major upswing from Dec 28 through Jan 10.
The first retracement started at the end of this trend and lasted for about a week. Trading went through a pretty nice parallel channel (light yellow) for a few days and then quickly dropped out of it to find the 0.5 support band (~30K satoshis). This looks to be a very strong resistance band, notice the support created on Jan 2 and Jan 5.
We'll likely see a similar movement back down to the 0.5 support band, then likely a push to get back to the 0.786 resistance band (~45K satoshis).
I would wait and see how the price action performs around the new channel forming. The last time we had a price reversal, it was confirmed when trading re-entered the channel. I'd wait to see either a re-entry like last time, our a break out above the channel if we haven't dropped out of it before hitting the 0.5 support band. Note that the green channel hasn't been fully confirmed yet.
The first retracement started at the end of this trend and lasted for about a week. Trading went through a pretty nice parallel channel (light yellow) for a few days and then quickly dropped out of it to find the 0.5 support band (~30K satoshis). This looks to be a very strong resistance band, notice the support created on Jan 2 and Jan 5.
We'll likely see a similar movement back down to the 0.5 support band, then likely a push to get back to the 0.786 resistance band (~45K satoshis).
I would wait and see how the price action performs around the new channel forming. The last time we had a price reversal, it was confirmed when trading re-entered the channel. I'd wait to see either a re-entry like last time, our a break out above the channel if we haven't dropped out of it before hitting the 0.5 support band. Note that the green channel hasn't been fully confirmed yet.