NANO Finally Looks Bullish Again!
Updated
As you can see, I'm spamming with some updates today. Wanted to get this out of the way before a busy weekend. In my last NANOBTC analysis, I saw some weakness, and figured we'd at least stagnate for a while before we either broke down or finally broke out of our wedge. We managed to break out of our smaller wedge on massive volume, but found resistance at the larger wedge resistance in the 2600 area as I suggested would probably happen.
However, we've since made multiple attempts to break 2600, which is a sign buyers haven't given up yet. IF we can break out of the bigger wedge, I think NANO can go a bit parabolic, since it has been held down for so long. We could even finally target the mega-strong resistance just above 6000. This may not play out, obviously, especially if NANO breaks back down below 2300 or so. In that case, we may actually break down and continue to fall through this giant wedge. If you zoom out, you can see that the 6000 is very important, as it's where NANO had its first capitulation event after the Bitgrail fiasco. You can see on the weekly chart that the oscillators have a lot of room to grow as well.
The BUY setup is simple:
BUY on the confirmed breakout of the wedge - above 2600.
SELL targets:
3000
3300
4000
6000
A Stop loss, perhaps, between 2100 and 2300, depending on your risk tolerance.
Not financial advice. This is a setup I'm looking at, because I feel like this has some potential. I love analyzing this market, and I do this to educate myself and essentially keep a TA journal.
***As a special note, I would like to mention that the reason I decided I had a knack for TA was when I perfectly timed the NANOBTC bottom in August 2018, and predicted the low between $0.75 and 0.85 BEFORE it happened. This was because I compared it with Bitcoin's 2011 bubble and logarithmic trend. You can read about that in my post below "NANO, and how I used it to time a bottom." Since then, NANO has not gone below its August low, despite many other coins heading to new lows. I also speculated that the earliest the bear market COULD end would be in late January, early February 2019. And IF the market is finally turning around on a large scale, it will be fun if I was right :)
-Victor Cobra
However, we've since made multiple attempts to break 2600, which is a sign buyers haven't given up yet. IF we can break out of the bigger wedge, I think NANO can go a bit parabolic, since it has been held down for so long. We could even finally target the mega-strong resistance just above 6000. This may not play out, obviously, especially if NANO breaks back down below 2300 or so. In that case, we may actually break down and continue to fall through this giant wedge. If you zoom out, you can see that the 6000 is very important, as it's where NANO had its first capitulation event after the Bitgrail fiasco. You can see on the weekly chart that the oscillators have a lot of room to grow as well.
The BUY setup is simple:
BUY on the confirmed breakout of the wedge - above 2600.
SELL targets:
3000
3300
4000
6000
A Stop loss, perhaps, between 2100 and 2300, depending on your risk tolerance.
Not financial advice. This is a setup I'm looking at, because I feel like this has some potential. I love analyzing this market, and I do this to educate myself and essentially keep a TA journal.
***As a special note, I would like to mention that the reason I decided I had a knack for TA was when I perfectly timed the NANOBTC bottom in August 2018, and predicted the low between $0.75 and 0.85 BEFORE it happened. This was because I compared it with Bitcoin's 2011 bubble and logarithmic trend. You can read about that in my post below "NANO, and how I used it to time a bottom." Since then, NANO has not gone below its August low, despite many other coins heading to new lows. I also speculated that the earliest the bear market COULD end would be in late January, early February 2019. And IF the market is finally turning around on a large scale, it will be fun if I was right :)
-Victor Cobra
Note
So we've broken out of the wedge, but with no real follow through yet. We need to see Bitcoin hold the line, ideally, for us to reach the higher targets. Otherwise, if we head back down and close below the wedge, it would be a bad sign.Note
Note
We need to make sure we hold above, or at least test it as support before moving up.Note
Unfortunately NANO has failed yet again to break out. Not all is lost...but we need to get back above the wedge very soon, or we risk heading back down to the 2200 zone for another test of support. For NANO to really move, we may first need to test some lower levels on the Bitcoin ratio, unless we do break out here. There’s a big gap that may need to be filled between the 1200 (August Bottom) and current support (2100-2200)Note
Back above it again! This is the most bullish NANO has looked in quite a while. This is the most sustained price action we've had in these levels for months. If Bitcoin can hold above 4K, NANO should make another leg up. Otherwise, watch for signs of weakness (if we break down into the wedge again). Note
Even though NANO hasn't done much since the wedge broke, we're making a substantial effort NOT to fall down back into it. Note
The ultimate oscillator is creeping up, which could mean we're in for a rally. I guess we'll see if NANO can surprise us.Note
First target reached at 3000!
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