NANO/BTC is showing bullish divergence on both the RSI and the CMF on the 4-hour chart. We've also been in this fairly long downward trending-flag-type pattern. I could see the argument for this being a very over-extended bull-flag. However, there is a bunch of uncertainty given the USDT issues and the massive premium for Bitcoin on tether-based exchanges relative to the fiat-based exchanges, so keep that in mind that this is a higher risk trade and that it wouldn't take much to send the whole market reeling.
I entered around 2830. There is a chance a better entry could show up somewhere in the mid/upper 2700 range.
Target 1: 3000 sat's.
Target 2: 3300 sat's.
Target 3: 3600 sat's.
-Do note: If this was a very over-extended bull-flag, we could see it move to as high as 4500 for Target 3 if volume shows up big time on the break-out of the top of the flag.
SL: 2650 (right below the previous tweaser bottom.)
I entered around 2830. There is a chance a better entry could show up somewhere in the mid/upper 2700 range.
Target 1: 3000 sat's.
Target 2: 3300 sat's.
Target 3: 3600 sat's.
-Do note: If this was a very over-extended bull-flag, we could see it move to as high as 4500 for Target 3 if volume shows up big time on the break-out of the top of the flag.
SL: 2650 (right below the previous tweaser bottom.)
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Target 1 at 3000 sat's hit!
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I went short at 3005. Always a chance it could FOMO higher, but the 1 hour RSI is over-bought, and a lot of the indicators are lateral on various time-frames, so I expect it to correct here before too long. Watching lower 2900's/Upper 2800's as an area of possible reentry. You can also hold it if you'd like, but I'm trying to maximize profits.
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4-hour Stochastic for NANO/BTC is pretty over-extended/over-bought depending on what terminology you prefer. The 4-hour RSI and the 4-hour CMF are also showing signs of downward movement following our 6-8% move up earlier this morning. This might move down to the mid/lower 2800's based on the information I have in front of me at this time. 2820-2860 would probably be a good entry, but that can change depending on how the market develops over the next few hours.
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Came close to target 2 at 3300. Hit 3285. Looks good so far, seems to be printing bull-flags after major moves up showing that buyers are interested. Good chance we could see 3400+ today in my opinion.
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Got above target 2 and hit 3349! Nano continues to print bull flags after each move up. Looking solid so far!
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Seems we formed a bearish divergence on the indicators shortly after hitting 3349 and the price ended up dropping about 200 sat's. So long as we hold on the the 100 EMA on the 4-hour (right around 3140ish) we should be fine. Bit disappointed I didn't check for divergences sooner, apologies for that. Either way, for anyone who has held since our buy-in around 2800, you should still be up about 12-13%.
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I sold out of NANO after hitting target 1, got back in around 3090 and took scalp profits around 3150. Just letting you guys know how I played this one. I had a chance to get out around 3300, but as I said, didn't see the bearish divergence until it already dropped. I'm now in BTC looking for new trades.