TechNerdOmar

This is a fun chart that I actually made into an NFT on the Enjin chain. The idea is simple. As you can see, ENJ is trapped in a certain zone. The future direction depends on where it breaks off towards. If ENJ breaks above the descending curve, then my prediction is at least 16k Satoshi by August 2022. It could take one of two paths up there. On the other hand, if it fails in the near term and breaks the zone downwards, then it would follow the curve down back into January 2021 levels. You can view this chart here.ENJ is gaining momentum versus Bitcoin. We are approaching the 0.5 Fib line. This is a level to watch. Whether it reverses or crosses the line, I'm still buillish for the next four months.You can view this 12-hour chart in the link below. The curve shown I drew in a past stream and I find it funny that price is actually following that recklessly drawn curve :Dtradingview.com/chart/mMY1q0d5/So since this has initially followed the bearish path I've pointed out in my first chart, it should slowly drop to the low of 370 Satoshi. I expected that low much sooner. But a slow death is even worse.

Decred Weekly Descending Triangle + Fibonacci DCRBTC is currently in a downtrend, made clear by the recent failure to breach and stay above the .065 BTC resistance line in early November 2018. We are currently completing the right shoulder shown in the chart down to the support zone of mid 2016 and early 2017 of 0.0030 BTC to 0.0036 BTC. That is my first target. From there on, I expect a reversal that should end at either the 0.0065 resistance or further at 0.00934 BTC (that is the 0.382 Fibonacci retracement down from the top of 0.02 BTC) and is also a major historical resistance/support line. I will go far as to expect a pin bar with its body stopping at the downtrend line and its wick hitting the psychological 0.01 BTC line. Such a fine reversal candle will establish the top of the descending triangle. Then we need one more hit and reversal at its bottom, and we officially have a beautiful descending triangle with a 75% of breaking downwards. The triangle will now act as strong resistance and I see a strong combined resistance point at 0.065 BTC, the previously mentioned line, plus the .236 Finbonacci. Three factors that make it formidable resistance where I would place a short (if possible) expecting DCRBTC to break the descending triangle all the way down to the target of .0005 BTC. I choose this target because it is the bottom of late 2016 and because the triangle is a 82% drop down from its top at 0.02 BTC, and should break down towards 82% further. I expect strong resistance at that point from which I would long DCRBTC .Comment: I said before that we need a hit and reversal at the bottom of this triangle for it to count as a descending triangle. But we just broke through it. This shows that it's weaker than I anticipated, but also means that it could reverse before reaching my target of 50k Satoshi. Currently it is sitting at a reversal point at around 300k satoshi. To determine a stop loss on that long, you can use the .618 Fibonacci of the downtrend of Feb 2017. If it breaks that, then the next support is at 170k with another tricky stop loss to set. The next support is at 50k.Comment: I think the bearish momentum is getting exhausted and it's time for a bounce from around 140-160k satoshi all the way to around 300k satoshi. From there it should reverse and go lower towards 50k satoshi. Again this is a big gamble as there is no clear stop loss. It's like catching a falling knife. So trade it carefully with a small amount.Comment: Although we did not reach my target of 50k satoshi, I think we hit the bottom. I think the over head resistance is gonna be hard to break without another retest of 190k to 200k satoshi.Trade closed manually: Either way, I'm out of this short because we hit the bottom in my opinion. So trade closed.Comment: We haven't reached the exact bottom target at 50k Satoshi, but I see RSI divergence on the weekly which is a sign of reversal.Comment: Comment: Decred hitting the same support line and giving a nice wick all the way down to 90k Satoshi. We also see RSI divergence. Is this the bottom in Decred or will we go down to 50k some day?Comment: And we're on our way down to 50k Satoshi, our initial target when we started this idea four years ago. It looks easily reachable from here.

Gold (XAUUSD) is forming an immature cup and handle on the monthly with a price target of $2600. On the weekly, we see it has broken above this triangle as you see in the chart below. That move is not confirmed yet either, but if next week, gold trades above this week's close, then we set a price target of $2060 and set a stop loss below the recent low.Charting Gold versus M2 Money Supply, we see gold hitting a historical low of 2007 which has supported the price many times between 2007 and today where it remains a strong support.Let me know what you think. Leave comments and if you like, leave a like. Cheers.Well needless to say, this triangle did break upwardsGold versus M2 Money Supply reversed off the historical support.

FLUXUSDT is another hype crypto that is probably another scam. Regardless, the chart shows a technical setup that can return 28% once confirmed by breaking above the ascending triangle reaching a target of $2.168. At the same time, we see a unique RSI pattern. There are three lows in price aligning with three lows in RSI which I have marked with vertical lines. The first two lows show RSI divergence which is a sign of reversal. The third low in price shows a higher low in RSI which is confirmation of the reversal trend. On top of that, we see an ascending triangle forming. The triangle is not confirmed because it needs 3 touches on each side. Currently, each side has two touches only.Conclusion: We wait for the triangle to be confirmed. Then there is an obvious trade set-up.Triangle broke down. This trade is called off.