Nano ( NANOBTC ) went on a nice run after it hit bottom on the 14th August, generating up to 346% profits in just 12 days (which can be seen on the chart above).
After each move up comes the retrace and this is where we are at now.
Nano's price brokoe the 0.618 Fib. level easily and it is now being supported by 0.5. I believe this one won't hold long and we are looking at 0.382 Fib. for support (0.0002951). If 0.382 does not hold, we look for 0.236 Fib. level next (0.0002308).
On the other hand, if 0.5 Fib. level holds. We wait for consolidation and look for a buy set up. With good support, we can buy in and prepare for another run.
Patience is key. And remember to wait before you buy back into a trade.
This is an educational post to practice and learn. This is no trade advice... Thanks a lot for reading...
Final tip: When you trade, use a stop loss. If you make a mistake have doubts, go long.
Note: This is no trade advice. This is an educational post for your learning and entertainment.
$1000 Bitcoin drop and the Binance alts took it as a $100 drop... This is a positive signal for the near feature of these tokens.
Here is the weekly chart (when the weekly candle closes on Sunday we will have a better picture - so far it looks good as both candles have a long wick at the bottom):
- Oversold on the RSI.
- Yellow line is MA200, bounce as soon as this line was hit.