BINANCE:NANOBTC looks like it has been forming the perfect base for an imminent parabolic surge. Notice how pressure has been building while nearing the 0.5 Fib during the last 3 weeks. Both price strength and volume seem to confirm. What's more, when pressure started to build at the beginning of this month, OBV broke the zero line into positive area and is now already at the same level as the August 2018 high, while price has yet to follow.
First target is the 100% Fib level at the August 2018 top. The blue curve line reaches that level by the end of June 2019. At that point a correction might occur, forming a handle for the cup. That said, I expect price to stay above the blue curve line and even deviate away from it once this cork pops. In that case we'll probably break the August 2018 top and hit the 1.272 or even 1.618 Fib level before a major correction occurs.
If NANO can confirm its strength and trend during the next couple of weeks, its future surely looks bright towards this year's Q4!
This information is not trading advice, but for educational purposes only.
First target is the 100% Fib level at the August 2018 top. The blue curve line reaches that level by the end of June 2019. At that point a correction might occur, forming a handle for the cup. That said, I expect price to stay above the blue curve line and even deviate away from it once this cork pops. In that case we'll probably break the August 2018 top and hit the 1.272 or even 1.618 Fib level before a major correction occurs.
If NANO can confirm its strength and trend during the next couple of weeks, its future surely looks bright towards this year's Q4!
This information is not trading advice, but for educational purposes only.
Comment:
Although yesterday's break-out attempt failed due to overall market conditions, NANO has been holding its support very well, making it one of the stronger coins at the moment. As opposed to the break-out attempt at the beginning of the month, this time one daily candle actually managed to print a close above support before retracing. This only confirms the building pressure once again. The longer price stays under support at this point, the more explosive the break-out could be. And as can be seen from the chart, that's only a matter of days!
Comment:
Small correction: one daily candle actually managed to print a close above RESISTANCE, not support, before retracing.