The Great NANO Breakout - Part 2NANO has taken 4 months since my original post to start making some new highs, and 7 months since the break of the long term downtrend. Not what I was hoping for originally, but there just wasn't enough interest in the crypto market at the time. Here is the original post from August:
Since then, WeNano has exploded in popularity, and the fast, fee-less cryptocurrency is starting to shine. I never underestimate the power of community and pure belief. Look at organized religion. This human tendency is what has allowed NANO to survive and build price support for so long. Even though the last breakout failed, it continued to find support around $0.70, which is what I was looking for to remain bullish longer term. It's only now trying to break out of this range. If NANO can break this rising resistance (pink) I think it can fly to some levels not seen since 2018. The first stop would be in the $3-5 range. On the bearish side, I don't want to see it break back below $1.10 and sustain. I suppose there's also room to fall to the pink uptrend if the rest of the crypto market corrects hard soon. And if it breaks down from the rising wedge, that wouldn't be good at all.
Generally, breaking up from a rising wedge formation is extremely bullish, as it proves the higher highs and higher lows were aggressive accumulation. A rising wedge breaking UP is even more bullish than an ascending triangle. Likewise, a falling wedge or falling channel breaking DOWN, just proves that sellers are far more aggressive than buyers.
I do think NANO fulfills every promise of what Bitcoin was originally meant for. To me, Bitcoin is Marxist in principle but capitalist in execution. You're owning the means of production, but by design it thrives within the capitalist system. It's a self-defeating, but incredibly profitable asset. Certainly better than dollars and gold, but more dystopian than utopian (in my opinion). It's a bit better than our current monetary system, but not by much.
When you look at NANO, it has a limited supply, but since it's pre-mined, there is no capitalist infrastructure around coin acquisition and creation. Instead, it's completely distributed. It's socialist in principle and relatively socialist in execution. Just look at the community and the WeNano app, and observe all the spots around the world where you can donate and collect free NANO. Of course, there will always be people with more financial resources who can own more NANO, but I think it's the simplest, easiest, fastest, and cheapest cryptocurrency with some adoption. XLM is the only coin on par with NANO's speed (of the ones I've used), and it requires a MEMO, along with an address. This added step increases the amount of time it takes to complete a Stellar transaction. With NANO, all you need is the address. I certainly see the argument for Bitcoin, and I won't really argue with Bitcoin Maximalists. There is certainly a point there. But people can have different views on how they think the future of money should be.
Things aren't ALL rosy for NANO though. It's only now starting to look bullish against the USD, and it may just be late to the party if Bitcoin tops out soon. We'd need momentum to keep building within the entire cryptocurrency market. It's also looking pretty terrible against Bitcoin, though just barely back into the long term falling wedge. I won't consider a reversal against Bitcoin until it triples in value from here
I also think with XLM doing well, we can see some more capital flow into NANO, which is simpler than Stellar, with a much smaller supply to boot. I don't underestimate greed here either.
Anyway, this is only my opinion. My writing should be used for educational, speculative, and entertainment purposes only! This is not financial advice.
-Victor Cobra
Cryptocoin
Victor Cobra's Crypto Market Update 12.30.2020 Part 1Hey everyone! Time for a new video idea. Here, I talk about my own personal thoughts and opinions. I also discuss price analysis for Bitcoin, Ethereum, Litecoin, XRP, XLM, and briefly BAT and LINK.
There's more I want to talk about, so I will be making a part two! Stay tuned.
This is not financial advice. This is purely my opinion and should be used for education/entertainment/speculation only!
Thanks for watching. Happy New Year!
-Victor Cobra
STX Lines Breakout Setupprice is breaking the resistance if we clear the trend line
good above 1465 also holding trend line support below which is good sign for uptrend
here's the candlestick chart
BTCUSDHello receive a cordial greeting, and a thriving 2021 our wishes are that 2021 will be a fantastic year in all aspects for all people.
!!! Impressive bullish structure !!!
Waiting to see what 2021 gives us the opinion.
Sincerely L.E.D In Spain on 12/30/2020
BTC 30K Possible if the 2nd Resistance Level is Broken This weekAt this point (9.40pm est) there are 3 resistance levels for uptrend and 3 support levels for downtrend. Since President signed the stimulus bill into law, there is a big chance for Bitcoin to get to 30k if these 3 resistance levels are broken.
What do ya'll think.
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BNBUSDTPrice touch the historical resistance and by the first touch we have a rejection. We will check the chart for passing the resistance and search for a long position to the top of the channel.
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THETAUSDTPrice break the valid channel and comeback for a retest. We can have a closer look for a long position
ADAUSDTAfter Pullback, now we can search for long positions.
I do not know is it true or its just an illusion from my mind, but I can see a head and shoulder.
Lets see what will happen!!
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ADAUSDTHey Cardanoooo now its your time to check.
We are in the minor uptrend and after breaking the pick, it seems that price want to go to touch the moon!
In the lower timeframes its look like a pullback. But wait a minute! At first we have to see a complete pullback then search for long position!
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XRPUSDTAccording to yesterday analysis, as you see price jumped after pullback to the major trend.
Hope get a nice profit at this deal.
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GRTUSDTLets say hello to our new coin.
By coming its make a triangle pattern. From every side if price break the line, we can search for available positions
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Will Alts Play Catch-up? Or Is This Time Different?In my previous XRP analysis, I timed a trade right before the breakout of the long term downtrend:
In my previous ETH analysis, I said it could hit $700. The parabola I drew broke, but it came close:
The last time Bitcoin broke its all-time-high, altcoins began outperforming Bitcoin. In fact, many outperformed Bitcoin until the end of the bull market. However, it hasn't happened the same way this time, and altcoin holders are rightfully disappointed. Maybe this is why we're seeing some upside in Bitcoin Dominance at the moment. I think this is largely due to the demand for liquidity. Bitcoin is just another cash-cow for institutions. As the money printer keeps churning, the flight from the USD continues. Neoliberalism at its finest. The market will sort itself out, right?
Anyway, I entered a couple of trades today, on Ethereum and XRP. I think this is the last chance for alts to begin outperforming before we see several weeks (or more) of consolidation for the crypto market. On the left, you can see that XRP has held above the broken downtrend channel. In a bear market, I would expect it to break down back into the channel, so my stop loss is below today's low (within the channel).
ETH:
Entry: $613.50
Targets: $849, 1100 (potentially the top of the current uptrend channel)
Stop loss: $575
XRP (smaller position):
Entry: $0.5210
Targets: $0.80, 1.19, 1.90
Stop loss: $0.4895
On the bearish side of things, if ETH cannot hold $530, I think its run can be over, and it can target some much lower levels (if only briefly). Additionally, if XRP cannot hold above the downtrend channel, it can go into the $0.30 range again.
This is not financial advice! This is for my personal record, and should be used for educational, speculative, and entertainment purposes only.
-Victor Cobra
BTCUSDTAs its obvious, price could break the historical resistance and by touching the pick, price have to try to pullback to test the resistant line, which is now support one.
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BATUSDTWe analysis in the major trend for someone who wants to hold this coin.
As you see it makes an downtrend and price is in the middle of it.
Now we can find an triangle pattern too. For short or long we have to wait for break the pattern first.
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XRPUSDTThis post is the update of my last post. As you see price is near to dynamic support and here we can search for long position.
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$DENT the little bitcoin that could $DENT is doing the exact same chart as BTC before breaking the $20k ATH / I got a bag dent to a $1 in 2021 ??
BTCUSDTWell well well!
At last it breaks historical resistance. Now we can have brief look for position.
price is now near to top of the second minor channel. we can wait for retrace from there to last support(previous historical resistance),and after a successful pullback, get a long position to the first minor channel.
BTCUSDTExpect the minor channels, which are valid, you can see micro channels, which are failed time after time and make TST with its powerful historical resistance.
Once again I have to say that now I do not have any comment yet, until when I see a valid BOF(Break out failure) or PB(Pullback).
But if we want to have a closer look, I have to say that without loosing its 2nd minor channel, get a narrow angle and get out of the 2nd valid channel.
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ATOMUSDTPrice breakout its downtrend and touch the pick of that,then strat to retrace for pullback and continue to move in the new uptrend.
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ETH/USD | Potential Downward Movement💡 Trade Idea
📈 Sell Order ETH/USD @ 594.14
🎯 Target Profit 562.72
🛑 Stop Loss 605.86
❌ Do not risk more than 1 % of your account on each trade
🙂 Good Luck !
Description:
The coin is trading within a corrective channel. It reached the higher end of this channel, so our expectation is the price to move to the downside since it break the white trendline.
ETH bullish bounce & next resistance levels to watch for*DISCLAIMER: I am not a financial advisor and this is not financial advice as these are purely my opinions and speculations. I may also own or trade any of the symbols and cryptocurrencies mentioned in this video so do not make your trading or investing decisions based on this video. I do not guarantee any results nor am I responsible for your actions. You should always do your own due diligence before trading or investing in this market as it is extremely risky. Affiliate links are also included in this same video description section here and if you decide to support me by using any of them, I may receive a referral bonus or commission.
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*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
LINK/USD Back In Ascending Channel - Really Safe 20% OpportunityIn this technical analysis I share a long trade opportunity for LINK with a really impressive 20% opportunity.
If you recall from my previous idea, I decided to stop the continuation of this channel after the price broke through the top resistance line.
It's been really interesting to see that if we would have kept that line on the chart, it would be able to help us predict the reversal of the sudden downtrend again!
The price is now at a crucial point, it is struggling at the horizontal resistance. If it does manage to break through I suggest a first scalp trade to the resistance line of the ascending channel.
I suggest a long trade, starting at the confirmation of support. It might not look very impressive on the chart, but this is actually an astonishing 20% opportunity with a fantastic risk-reward.
-Trading-Guru
