Hey there, we are back with today's analysis on Enigma Coin.

Read on below, on we are keeping eyes on this coin.

This particular coin is available on Binance, Bittrex, Huobi Global, and a few other popular exchanges. As you can see on this Coinmarketcap Link

A Brief point as to why we are analysing this:

1. Twitter sentiments increased a bit, we can see some social sentiments around this coin, you can g ahead and search with the symbol $ENG or with hashtag #enigma.

2. Though I wont believe all the CT influencers out there, some may be bullish, some may be bearish, we will try to keep a neutral perspective to share both sides of the story, Sharing both the upsides, and the downsides.

3. Remember one more thing: Sentiment analysis is tricky. Usually, as per the theory of contrary opinion,, if all the people are bullish, everyone is sharing bullish articles/tweets/ideas, as per theory, it should not go up. If everyone shills some asset, it means, they already bought that up, so new buyers will be less, most probably they are shilling because they want you to buy that asset!
   (Dont worry if you dont understand these now, we will share educational content about these analysis/studies soon, stay tuned! You can also ask in comments, we will clarify all doubts to the best of our knowledge)

So, without further delay, lets dive in!

Our overall bias on $ENG: Neutral.

We will be charting ENG/BTC pairs only, because USD pair is available on only one or two small exchanges, and isnt much significant.

ENG/BTC 1W

Chart:

Overall Bias: Neutral (Until breakout) Critical zones have been marked! We are currently in a critical zone.

Points to note:

1. Long term weekly resistance in play, we can see a large number of altcoins which are having a similar pattern, which may be interesting to note.

2. Even if the chart looks good, note that there is still a downside of almost 63% before it gets invalidated.

3. Rewards can be very high (120% to 350%)

ENG/BTC 1D

Chart:

Overall Bias: Bearish, short term (Until breakout) Critical zones have been marked! We are currently in a critical zone.

Points to note:

1. RSI and Price action showing little bit of Bearish Divergence. Price went up, made a small higher high, and RSI went down, made a lower low; (It may play out)

2. This is basically the same chart, zoomed in from the 1W

3. Same upside and downside as in weekly chart.

ENG/BTC 4H

Chart:

Overall Bias: Bullish

Points to note:

1. The bearish divergence we saw on 1D, on zooming out on 4H paints a different story, It can be a bullish retest as well! So, watch out before taking any decisions!

2. 4H chart shows that we are in a steady uptrend, There is limited downside, less than the larger timeframes.

Bonus point:

ENG/BTC 4H

Chart:

We can see that it broke out a few days back from an almost 700 day long consolidation, which is the biggest reason why we charted this! 😉

Our take on this:

You can set your stoploss to around ~2600 ish levels on smaller timeframes, to be safe if you enter, or if you are planning to enter, or you can just place limit bids, and buy a small quantity you are okay, even if the value goes down by some 50-60%. Risk to reward looks pretty decent on the wedge breakout,

Also note that its not possible to time the market and buy the bottom and sell the top. What we have learnt in our 3.5 years of trading: Money management is more important than anything else.

We can assume it will be safe to play this if we limit our risk properly!

Keep eyes on this, follow us for more insights, please upvote and show us some love if you like our content! Comment any coin you want us to chart an we will publish a new article and tag you after publishing! :D Follow us on twitter @beehivetrader to stay up to date on our articles!

Posted Using LeoFinance