Hi Fellow traders,
Lets talk about Nano for a moment, this coin has been belted really badly from the bear market that we have been experiencing for a few months and it seems like this coin has rebounded very strongly. Lets check the facts:
1) Very strong breakout from down channel, the volume breakout was massive with positive increase in value and it was done on huge gains.
2) The recent retracement was to a fibonacci level of 0.618 which is a strong indicator that the current trend will most likely continue and the volume was quite low further indicating a retracement, if the price retraces below the 0.5 we will start to be cautionary and if it retraces 100% of recent gains we will most likely cover our positions especially if the down volume is high later on.
3) The volume on up days is much greater on down days
4) Bitcoin will soon start a bull run just a matter of when and when it does all coins will follow, especially those coins who are looking strong right now
5) We saw a divergence on MFI indicator and Stochtastic RSI indicator on the daily chart before the initial gains we saw recently which further adds to the probability of a big run. Divergences on daily charts are far more significant then those on intraday charts like the 2hr, 4hr etc
6) The former resistance 0f 0.00026 acted as a support level for the retracement.
7) I expect the next retracement to occur around 0.0007 as i think the retracement to the 0.618 was a pennant shape and with such shapes only being a little stop for the trend as weak hands sell to strong hands before we continue higher. This is a estimate but use your skills to determine if you would like to sell before the retracment or hold long term. Remember retracements dont mean a trend reversals they are just little stops on the way to higher prices.
Support and resistance levels can be easily worked on the charts, I might even post information on how to know these levels for beginners to help them with their trading.
REMEMBER
In Technical analysis we try to increase the probabilities of success, so be open to further investigation and being able to adapt to the constantly changing market.
Successful Trading
Crypt1c_one
Lets talk about Nano for a moment, this coin has been belted really badly from the bear market that we have been experiencing for a few months and it seems like this coin has rebounded very strongly. Lets check the facts:
1) Very strong breakout from down channel, the volume breakout was massive with positive increase in value and it was done on huge gains.
2) The recent retracement was to a fibonacci level of 0.618 which is a strong indicator that the current trend will most likely continue and the volume was quite low further indicating a retracement, if the price retraces below the 0.5 we will start to be cautionary and if it retraces 100% of recent gains we will most likely cover our positions especially if the down volume is high later on.
3) The volume on up days is much greater on down days
4) Bitcoin will soon start a bull run just a matter of when and when it does all coins will follow, especially those coins who are looking strong right now
5) We saw a divergence on MFI indicator and Stochtastic RSI indicator on the daily chart before the initial gains we saw recently which further adds to the probability of a big run. Divergences on daily charts are far more significant then those on intraday charts like the 2hr, 4hr etc
6) The former resistance 0f 0.00026 acted as a support level for the retracement.
7) I expect the next retracement to occur around 0.0007 as i think the retracement to the 0.618 was a pennant shape and with such shapes only being a little stop for the trend as weak hands sell to strong hands before we continue higher. This is a estimate but use your skills to determine if you would like to sell before the retracment or hold long term. Remember retracements dont mean a trend reversals they are just little stops on the way to higher prices.
Support and resistance levels can be easily worked on the charts, I might even post information on how to know these levels for beginners to help them with their trading.
REMEMBER
In Technical analysis we try to increase the probabilities of success, so be open to further investigation and being able to adapt to the constantly changing market.
Successful Trading
Crypt1c_one
Comment:
Expect Nano and altcoins to take a hit when bitcoin takes a hit especially because of the volatility of the market atm, just hodl if u have nano already and look to buy more with lower prices if u like. And put a stop loss in just in case