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๐ Technical Analysis: EnjinCoin ($ENJ ).
The ENJ chart has formed a trading channel, within which the price is moving fairly consistently between support and resistance levels.
๐ก The channel is uneven, but functional and it offers concrete opportunities.
How to tradeโ
๐ฌ Buy setup: wait for the price to approach the support level and form a reversal candlestick pattern (hammer, bullish engulfing). Enter after confirmation. Stop-loss beyond the support level. Take-profit just before the resistance level.
๐ฌ Sell setup: wait for the price to approach the resistance level and form a reversal candle (bearish engulfing, doji with upper wick). Enter after confirmation. Stop beyond the resistance level. Take-profit just before the support level.
๐ฌ The profit/risk ratio looks attractive for both setups. We trade the channel for as long as it holds. Once either level is broken with volume the strategy gets reassessed.
๐ฌ Important: markets are nervous right now due to geopolitics. That means elevated volatility and potential false breakouts of key levels. Reduce your position size and don't chase entries at a worse price.
Conclusion:
A classic channel strategy. Patience and precise entry are the keys to profit.
๐ Open a trade on $ENJ โ๐ Chat โข X โข JioCoinsX