Nanobtcsell
$NANO #NANO - end of the pennant is coming - day trader explainsHello Lads and Ladies,
Today we will be taking a look at NANOBTC. A highly discussed coin, that is supposed to achieve great goals in the future. Yet, right now it seems to be slowly bleeding out like most of the altcoins right now.
Taking a look at the daily chart of NANOBTC, we can see that since March 2018 it has been consistently moving inside the red indicated channel. In the beginning we saw a parabolic move, yet failed to repeat it and found ourselves in a descending pennant. The yellow line is the respected resistance within this pennant and the red channel support is as well respected and valid.
The current situation looks still negative for NANOBTC, yet has a chance of finding the light of hope at the end of this pennant.
Right now, we got once again rejected from the pennant resistance and seem to be heading down once again. StochRSI has crossed and is heading down, RSI is 5 points away from previous low - we have pretty much a strong sell signal. Since we do not have the possibility to short NANO, we have to look for the best price to buy in. The best point for doing so would of course be at the end of the pennant at a price range of about 1000 satoshi. Yet, we cannot guarantee that it will exactly hit this price range, without bouncing before that. Therefore, the best strategy would be to double stagger buy orders every 50-75 satoshi all the way down to 1000 satoshi.
The reason for doing so is that the channel support is very strong and has a low chance of being broken. As well, we are in an oversold area, heading to be heavily oversold. The RSI has not been near an overbought region for over 5 months and a bounce from the channel and pennant support would most likely mean a break of the pennant resistance and with it we would be heading towards testing the channel resistance.
- BUY @ 1750 - 1000
- SELL @ 2000 - 2500 - 3250 - 4000
- SL @ 950 - 900
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Cheers, Tomas
Nano Map - Supp/Res Zones along the wayMy Personal updated NANO map - Buy/Sell Zones
I switched from 4h to daily charts because of the recent BTC action. Higher timeframe altcoin charts are more reliable at the moment.
Possible double bottom forming at 6k sats. StochRSI at the bottom for weeks, RSI almost oversold but MACD is still bearish.
I think for longterm this is a perfect spot. Lets see if 6k holds.
