ENJ trade setup
2024-03-26
Category: gaming

Weekly: long term analysis 

After more than 95% deep correction during the bear market,  BINANCE:ENJUSDT  is confirming a reversal attempt on a weekly time frame. Volumes are increasing and hinting a reversal completion.

 Short term analysis 

   

The breakout of the resistance line happened at the beginning of March. Then we witnessed a nice pullback which confirmed the resistance is now acting as a support line. This offers us a good risk/reward setup to enter.

 Strategy 
Buy signal has been given from the bounce at the resistance line, entry is taken at this level around the 0.535$ mark
 
 Objective 1: Next resistance line (with Risk/Reward >2)  at 0.74$ ( +38%)
 Objective 2: Next resistance around corresponding to the reversal pattern swing move target at the 1.14$ zone (+110%)
 Objective 3: Near the weekly ATH at 3.32$ ( +500%)
 

 Invalidation  
Mental Stop: just below the recent daily swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.

