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Bitgrail

NANO probably ain't done correcting yet but will come out strongI think NANO isn't done correcting yet, to many people that are are pissed of by getting robbed by @BitGrail and more negative bullshit will be presented as Nano's fault. I'm dropping lower and lower in the richlist which is telling me big players are joining and stacking up because the tech alone will put this baby on the map. Put my feelings and expectations in a chart for fun, there's no real TA to it wanted to be able to look back on it in a few months to see how far my expectations where off.
N
by arandy
5
NANO - Buying into fear and the epitome of oversoldAll, This one's going to be long, but it's worth a read to understand my logic on this position. I welcome your feedback, as always. Last week I posted about NANO achieving a nice double-bottom. This would have been a nice moment for a reversal, had the bitgrail hack not happened. For those not aware, BitGrail was "hacked." More accurately the BitGrail developer, "Bomber," had horrible code that double-credited deposits and other issues that led to his eventual insolvency. He may have attempted to save himself for a bit by taking advantage of the NANO ( then XRB) price growth, but clearly did not do a great job and left with an insane amount of NANO (I believe almost 17M). Enterprising individuals have traced the "missing" XRB to Mercatox and have proven it has already been sold on the market and is now in circulation. So, let's recap: Primary NANO exchange BitGrail has a code bug and steals millions of NANO, a la Mt Gox, due to insolvency. BitGrail owner sells this NANO to on Mercatox to recoup losses. Price begins falling (17M NANO being sold will do that). BitGrail announces "hack" and locks withdraws as a last-ditch effort to rip funds from their users to maintain solvency. NANO price TANKS as a result and bomber makes an absolute killing on arbitrage, as NANO begins trading 50% lower on his exchange. The most important detail to remember here is that all that stolen NANO was liquidated in January. You know, the time at which NANO dropped by almost 70%? That's not a coincidence. The massive amount of NANO being sold by Bomber very likely cause the decline in price, and then the hack was the cherry on top. All that NANO has now been liquidated, and NANO'S Mt. Gox is over. That makes this NANO's crater-bottom, just like Bitcoins back in the day. Now let's get to the technicals! We see an obvious descending wedge over this period of time. We also see strong divergences with MACD and RSI. However, in my opinion most of these technicals mean very little on their own due to the massive fundamental shifts in the underlying. What's most notable to me is that we are currently sitting just above .001BTC. This is a major psychological support level. Since the wedge falls to this point it gains significance because of that, but not in and of itself. Volume is also fairly low. All of this leads me to conclude that we will very likely see a strong recovery in NANO for the following reasons: The selling pressure from Bomber has disappeared The "Mt Gox of NANO" is over NANO development team will likely be releasing a suite of new wallets and updates in the next 5-10 business days, acting as a recovery catalyst. These wallets have been in beta for a while now already. NANO is an incredibly ambitious project and arguably the ideal crypto-currency as it is almost instant and entirely feeless, something no other coin can claim - that hasn't changed. Full disclosure, I already have a position in NANO, but doubled it yesterday at around .00108, as I am that confident in its both near and long-term potential. For those not already involved in NANO, the following strategy would be ideal: Open long position at .001 BTC on any stop-loss hunting that is strongly rejected on volume. Open long position once a new high is established at .00105 ( after confirmation, of course) or, for a more conservative route, at .00107.
NLong
by calcie
3