Long

NANO double-bottom and reversal

Updated

NANO has been on a strong downtrend since its massive bull run in its XRB days. For those who don't know, NANO (formerly XRB) was valued at only around 0.50 in December, and sitting outside the CMC top 150. The reason NANO has exploded is because it is able to do something no other crypto has accomplished - completely feeless currency. This is accomplished through proof of work to prevent network spam and proof of stake to verify transactions.

NANO is only just now getting onto major exchanges such as binance. Combine this with the bull run and I see an impressive opportunity for growth. If nothing else I encourage you to buy a single NANO and transfer it to a wallet. Send it to a few other wallets without any fees in 2 seconds per transaction. You'll immediately want to buy more.

For me NANO is a long-term hold. And you'll never see a better entry point.

Technically speaking though we see a double bottom, increasing volume, and a downtrend break. If we are able to break above 0.15 I would consider that a strong buy signal.

Price target? Depends on your time-range. Short-term we should see it recover to 0.0025 levels, long term we could see NANO have a 2018 similar to ETH's 2017 run.

Trade active

I went long on this position on the big green candle at .00125. Risky buying so soon, of course, but the volume,double-bottom, and SEC news had me confident.

Note

We're seeing a bit of consolidation at the top of the channel, and not much movement. However, volume has not dropped off significantly, so my overall sentiment is still bullish on this one, although we may dip a bit one last time.

A good entry would be to place a limit buy order around .00155 or so in order to catch any upside break and avoid risking any falling action back into the previous price channel.

Again, keep an eye on BTC prices as well. BTC is currently retracing from its high of $8,500. If we don't get a bounce at $7,800 consider all altcoin trades closed.

Note

Failure to break the uptrend and strong rejection. Check the wedge. Looks like we're staying in the lower channel for now:

Note

Looks like we're rejecting support levels nicely, although the cat isn't in the bag yet. Looking at smaller time frames we can see some slight bearish signals, so we may retest support one more time.

That being said, the major price resistance levels going forward are similarly around $9,200 and $10,200. Despite $10,000 being a huge psychological number, it has less significance than the $9,200 as this is where the 200 day moving average is located. If we can punch through the moving average and hold then at that point you can be reasonably certain the bear run is over. A break over 10K and holding would serve as confirmation. Keep an eye on these price levels as you invest in altcoins to further compound your gains, assuming a bull market, or pull out of alt-coin investments if these price levels reject.

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Wow. price just TANKED. Why, you ask? Well, BitGrail just announced they pulled an accidental Mt Gox. Basically, they kept crediting people with more money than they deposited and, well... insolvency happened. Naturally the price tanked.

You know the saying, "buy fear,"? THIS is fear. THIS is opportunity.

Note

We punched back into the primary channel, so we've found a slightly lower support than what I initially drew. NANO is definitely a good value-buy right now. It may sit here for a few more days, but watch out in the next few weeks for a nice bullish move.

Note

Going to stop updating this idea and post a slightly fresher one later with more up-to-date and relevant chart information

calcie

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