LEGENDA:
- Green horizontals = supports
- Red horizontals = Targets * *only a daily candle above the resistance at 0.88 will activate the above targets.
- Black horizontal = Actual major resistance
After the top during the 2017 cryptomania phase, ENG started a long consolidation forming a mastodontic triangle lasting 3 years.
Now, I mainly see 2 scenario possible, both bullish.
1) scenario A, price will break up the triangle following the pink path.
the black horizontal at 0.88 will be the only real obstacle. If cleared, all the targets until 1.68 will be active
2) scenario B, price will lose the support for the last time making a double bottom within March 2021, prior to break the triangle to the upside, activating the blue scenario.
- Green horizontals = supports
- Red horizontals = Targets * *only a daily candle above the resistance at 0.88 will activate the above targets.
- Black horizontal = Actual major resistance
After the top during the 2017 cryptomania phase, ENG started a long consolidation forming a mastodontic triangle lasting 3 years.
Now, I mainly see 2 scenario possible, both bullish.
1) scenario A, price will break up the triangle following the pink path.
the black horizontal at 0.88 will be the only real obstacle. If cleared, all the targets until 1.68 will be active
2) scenario B, price will lose the support for the last time making a double bottom within March 2021, prior to break the triangle to the upside, activating the blue scenario.