NANO falling wedge just keeps on falling, but... pinching!
Like most alts, NANO is getting completely slaughtered by Bitcoin's volatility right now. Bitcoin has been dominating the market for a while now. NANO's falling wedge (blue lines) just keeps on falling, but... it's pinching, so there's probably going to happen something soon. There are three likely short term scenarios:
1. Bulls take the lead, we break upwards and target 0.00100.
2. Bitcoin bears give us the finger and drag it down to 0.00060.
3. An indecisive "meh", which makes it go sideways for a while and possible form a nice cup when the market restores at some point.
Which of the three scenarios will play out? We should probably ask our friend; mr. Bitcoin. Bitcoin is dominating the trend. Hard BTC dips and market fud will drag NANO down. Bitcoin going up with the speed of light on the other hand will have a negative (short term) effect as well though. BTC restoring upwards a bit and taking it easy for a while will encourage NANO (and other alts) to blossom.
So yeah, we can basically go up or down and I don't know which way it will be. But at least you have a fresh fancy chart with trend, support & resistance lines to monitor for breaks now :)
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media.
A push on the like button is very much appreciated!
1. Bulls take the lead, we break upwards and target 0.00100.
2. Bitcoin bears give us the finger and drag it down to 0.00060.
3. An indecisive "meh", which makes it go sideways for a while and possible form a nice cup when the market restores at some point.
Which of the three scenarios will play out? We should probably ask our friend; mr. Bitcoin. Bitcoin is dominating the trend. Hard BTC dips and market fud will drag NANO down. Bitcoin going up with the speed of light on the other hand will have a negative (short term) effect as well though. BTC restoring upwards a bit and taking it easy for a while will encourage NANO (and other alts) to blossom.
So yeah, we can basically go up or down and I don't know which way it will be. But at least you have a fresh fancy chart with trend, support & resistance lines to monitor for breaks now :)
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media.
A push on the like button is very much appreciated!
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