ENJ has gone parabolic this past week. Congrats to those that longed the rise!
However, now we are quickly approaching the resistance zone and ATH which will likely push us back. This is not the time to buy, rather wait to short or simply wait for price to give direction.
The indicators on daily are overextended and on this 4h chart we can see that MACD is giving signals this rise is losing some strength with the histogram ticking lower with a rising price (bearish divergence).
Therefore, expect a reaction at around $0.50 cents or Fib 78% if we make it that far.
If we are to fall we have some support at $0.33 and a good support at $0.25 (resistance turned support).
I do not exclude another pump, but be careful on this raise as we can quickly go down just as we went up as we approach the apex of the formation.
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However, now we are quickly approaching the resistance zone and ATH which will likely push us back. This is not the time to buy, rather wait to short or simply wait for price to give direction.
The indicators on daily are overextended and on this 4h chart we can see that MACD is giving signals this rise is losing some strength with the histogram ticking lower with a rising price (bearish divergence).
Therefore, expect a reaction at around $0.50 cents or Fib 78% if we make it that far.
If we are to fall we have some support at $0.33 and a good support at $0.25 (resistance turned support).
I do not exclude another pump, but be careful on this raise as we can quickly go down just as we went up as we approach the apex of the formation.
Like and follow if you liked this idea!
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