Price actions of world's 68th ranked cryptocurrency Enjin coin with US Dollar pair and Enjin with Bitcoin pair forming bullish Gartley patterns and expected to enter in bullish potential reversal zones soon.
Lets have a look on both patterns:
In both charts (Enjin with US Dollar pair and Enjin with Bitcoin pair) are making almost same moves but the difference is that with US Dollar pair the initial leg is started in Nov 25 and in Bitcoin market the initial leg is started on 26 Oct 2019.
After inertial leg (X to A) the A to B leg is retraced between 0.618 to 0.786 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and formation of final (C to D) leg is also started and priceline is moving down to complete this leg this bear leg is supposed to be retraced between 0.618 to 0.786 Fibonacci as required for Gartley pattern, and after crossing 0.618 Fibonacci level we will be in potential reversal zone.
The formation of both charts are as below:
ENJ with Bitcoin:
And the targets for both trading ideas are as below respectively:
Targets for ENJ with US Dollar pair:
Buy between: 0.07010 to 0.05988
Sell between: 0.07815 to 0.09754
Targets for ENJ with Bitcoin pair:
Buy between: 0.00000940 to 0.00000797
Sell between: 0.00001053 to 0.00001324
So as above targets in US dollar pair ENJ has potential to give upto 62% bullish move and in Bitcoin market the ENJ has potential to give upto 66% gains, however we can set our stop loss points below the potential reversal zones of these patterns in case of complete candle stick closes below these areas.
Regard,
Atif Akbar (moon333)
The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not an investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic Gartley pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.
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