ENG entering buyzone

BITTREX:ENGBTC   Enigma / Bitcoin
I'm still pretty new to really in depth TA but wanted to put an idea out there to see what people thought.

Been following ENG down after grabbing bags just after the first run up back in late December/Early Jan. Have had an eye on the price action as i've been hodling and noticed it running down this channel quite nicely.

Based on the fib lines and previous support, it looks like we may settle in around 31k sats , potentially lower based on the previous support. RSI still hasn't quite popped into oversold territory as yet, so i believe there's still room to fall over the next 4-8 hours.

I'm looking at layering in buys from 31K - 25K as I think once we find support here again, we'll end this bearish phase and begin to move back up through the fib levels.

Looking to continue holding my bags, but aiming to swing trade a position from the buy-in back up to 50K sats for a nice 2x return.
Kommentar: I think this upwards bounce is entirely due to bitcoin taking a dump, don't fall for the bull trap. Volume is really low, expecting this to continue down if BTC flattens off or moves up slightly
Kommentar: Perfect little touch into that buy zone and managed to get some in at 29K. Curious to see if we retest that support level or if this is the start of the climb back up now.

Really depends on what happens with Bitcoin I think, if we hold these $9K levels then we may see ENG rally. Otherwise we may be in for another push downwards slightly, before we move upwards.

Buy the dip!!
Trade geschlossen: Stop wurde erreicht: Welp that didn't pan out, thanks a lot Bitcoin. Got stopped out. Going to sit on the sidelines and see what unfolds with Bitcoin before re-entry on this one.
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