NANO broke down from Descending Triangle, Bearish short term

NANO Bitcoin 1 hour candles (left chart) and 6 hour candles (right chart)

NANO sure loves pennant / flag / triangle / wedge patterns this week! After its 170k satoshi peak last week, this week NANOBTC has been trending in a wild variation of multi hour and multi day assortment of these trading patterns.

Bears and Bulls have been indecisive at times lately but in the end the Bears won and NANO broke down from the rising wedge it started two weeks ago. The rising wedge targets the blue 115k satoshi marker. By now the price also broke down of two short term descending triangles of which the orange triangle targets the same 115k mark as the rising wedge , but the red triangle targets 100k Satoshi.

It would sure help if BTCUSD behaves and / or NANO receives great news to boost momentum. Let's see if it will bounce from 115k or 100k, or if it might decline even further (Let's hope not!).

You can use this chart analysis to assist you in trading, to help you identify trading patterns, trend lines , support and resistance zones you can monitor for breaks.

Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. You should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.

Be extra cautious during these times of Bitcoin volatility , where BTCUSD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.

Happy Trading! ~ CryptoJC
Comment: NANO update. Since I've posted my analysis some hours ago, NANO attempted twice to re-enter the descending triangle bottom at 128~130. Both attempts failed and after being rejected for the second time, NANO landed right at my 115k target.

I've drawn white channel lines, between which it is trending right now, in this updated snapshot. Unless NANO manages to break convincingly out of the top white channel border it will continue to decline towards 100~102k. If it however manages to descending channel before that time or at a 100k bounce, it will most likely target the price at the height of the green dashed line, at the time it broke out of the white channel.

Be extra cautious while trading, Bitcoin is volatile and this definitely has its effect on alts: A few hours ago news broke that Bitcoin from various Binance users got sold at market price without authorization. Not confirmed yet, but it might be because of a trading bot api hack. This ignited massive fud and Bitcoin plunged down 1200 dollars.

Comment: By now NANO (unfortunately) reached all my downward targets. Let's see how she goes from here. Updated analysis:

Seems you were dead on so far. Followed. :)
I think your analysis is technically correct but I don't see much point in analyzing coins like nano or really anything with such a small market cap with 1 hour candles on small scale with such specificity.
@milltay, hey there, that all depends on the scope one might be trading. For mid and long term trading I agree it could be less detailed, but for those who might be (day)trading NANO short term, this level of specificity surely benefits the accuracy of trading in my opinion and from the general feedback I'm receiving.
+1 Reply
milltay CryptoJC
@CryptoJC, Oh I get that, but I don't see the real benefit short term trading on coins like nano. Seems to risky because I see that allot of times TA doesn't really work.
@milltay, well each to his own I guess. I don't want to advocate for or against short term trading; it is a risk / reward consideration one should decide for themselves

Though I would like to say that imo support, resistance and trend lines are always useful to identify and although a trend line, support/resistance zone or pattern can always be broken I definitely see coins like NANO responding to them.

If people find this TA useful that's awesome. If some people feel my chart doesn't fit their trading scope that's fine by me and they are free to move along and find one that is more suitable to their needs.
+2 Reply
Yes. Actually not so bad compared to the general situation. It somehow back to the level before binance shit.
+1 Reply
CryptoJC makiminer
@makiminer, yes, I must say I'm pretty satisfied how NANO is holding up today with all the Binance FUD and BTC dumping, that's a good sign for sure.
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