NANO/BTC appears to be within a bull flag formation. NANO/BTC has performed well even in the face of Bitcoin's recent drops, and it has maintained it's current levels quite well. I've laid out a few scenario's for what I think will happen.
Scenario 1 (Green Arrow): NANO/BTC moves up from it's current position and breaks above the bull flag and begins it's march to 4800-5000 sat's.
Scenario 2 (Yellow Arrow's): NANO/BTC moves to the top of the bull flag (3550 sat's), and is rejected for again before moving back down to the bottom of the bull flag (2900-3000 sat's.) It could also move down from it's current levels (3370ish sat's) to retest the bottom of the bull flag near 2900-3000 sat's before moving up to test the top of the bull flag.
Scenario 3 (Red Arrow's): NANO/BTC heads down from current levels (3370ish sat's) and breaks through the bottom of the bull flag near 2900-3000 sat's invalidating our bull flag. Additionally, it could successfully retest the top of the bull flag, get rejected, and fail to hold the bottom of the bull flag also invalidating our pattern. We had a previous bottom around 2550-2600 sat's, so that might be an area of interest for reentry.
-I lean toward Scenario 2; as for the MACD on the 4-hour got a bearish cross-over a short while ago, and the daily MACD is moving down. The 4-hour Stochastic is also showing downward movement, while the Daily appears to be showing signs of turn around. RSI on the 4-hour and on the Daily are both fairly neutral. I think we could see a retest of the bottom of the bull flag near 2900-3000 sat's before moving back up the top of the bull flag near 3450ish. I will be watching for a break below 2900ish sat's, or a break above 3450ish sat's (estimations) if the 2900-3000 level holds and we see a bounce up to the top of the bull flag. As always, keep an eye on Bitcoin and it's price movements as well, since it can be a major influence on alt-coin movements.
--This is not financial advice or financial recommendations. Do your own research and come to your own conclusions before buying/investing. I am not liable for any losses incurred.
Scenario 1 (Green Arrow): NANO/BTC moves up from it's current position and breaks above the bull flag and begins it's march to 4800-5000 sat's.
Scenario 2 (Yellow Arrow's): NANO/BTC moves to the top of the bull flag (3550 sat's), and is rejected for again before moving back down to the bottom of the bull flag (2900-3000 sat's.) It could also move down from it's current levels (3370ish sat's) to retest the bottom of the bull flag near 2900-3000 sat's before moving up to test the top of the bull flag.
Scenario 3 (Red Arrow's): NANO/BTC heads down from current levels (3370ish sat's) and breaks through the bottom of the bull flag near 2900-3000 sat's invalidating our bull flag. Additionally, it could successfully retest the top of the bull flag, get rejected, and fail to hold the bottom of the bull flag also invalidating our pattern. We had a previous bottom around 2550-2600 sat's, so that might be an area of interest for reentry.
-I lean toward Scenario 2; as for the MACD on the 4-hour got a bearish cross-over a short while ago, and the daily MACD is moving down. The 4-hour Stochastic is also showing downward movement, while the Daily appears to be showing signs of turn around. RSI on the 4-hour and on the Daily are both fairly neutral. I think we could see a retest of the bottom of the bull flag near 2900-3000 sat's before moving back up the top of the bull flag near 3450ish. I will be watching for a break below 2900ish sat's, or a break above 3450ish sat's (estimations) if the 2900-3000 level holds and we see a bounce up to the top of the bull flag. As always, keep an eye on Bitcoin and it's price movements as well, since it can be a major influence on alt-coin movements.
--This is not financial advice or financial recommendations. Do your own research and come to your own conclusions before buying/investing. I am not liable for any losses incurred.
Comment:
So far so good for NANO/BTC. Appears the 3200 level is acting as a decent support for now. I'm currently waiting to see how the Bitfinex maintenance will affect the market. Bitfinex is one of the bulls favorite exchanges, and it is typically several points higher (Referring to BTC) then other exchanges (Coinbase, Bitmex, etc.) and it being down might serve as a catalyst for more bearish pressure to push us to the downside. Just for some historical context, when Bitmex (one of the Bear's favorite exchanges) went down for Maintenance around August 21st or 22nd, we saw Bitcoin move from 6350ish to 6900 in like an hour or two. I think there is a chance we could see a swing the other direction now that the tables have turned. Not sure the impact such a move would have on alts, but my guess is it would be minimal since the move will only be an hour or two tops, much like we saw last time before the price is bought back up. We will just have to wait and see.
Comment:
Bull-flag is taking a lot longer to play out then I expected. Hopefully with Bitcoin breaking a key resistance level today, we can start to see NANO/BTC move to the upside. If we draw the bull-flag lines out, our current price would almost touch the top of the trend-line. I'll be watching for a break-out above the 3370 area. NANO/BTC is a momentum play, so a bullish Bitcoin and a bullish market sentiment are exactly the conditions it needs to have a nice move up.
Comment:
Flag didn't pan out as we had hoped. Bitcoin eventually crashed any chance with a massive $300-400 drop in a matter of minutes. Unless we start to see an upward shift, there is a real possibly these alts will retest their new-found bottoms (most alts hit their new-found bottoms around mid-August.) Bitcoin is also at a critical level, and if it fails below said level, we could be in for more downside for a few more months.