The most questioned coin of the day has been Nano everyone asking for an update. Here it is.
NANO/BTC has done some great figures today and i hope your collecting as you go. I want to remind you that no matter where you got into this move, and no matter how much you are up, you haven't made money until you actually hit that sell button. To make the money you need to pick some levels and close at least part of your trade.
Levels for you 0.00157 (The Black Line) is a recent high and probably resistance area being tested at the moment. 0.00140 (The red line) is support, and I would exit my trades if we pulled back to this level. 0.00185 is a normal target, and I would close part here.
0.00192 is the level the first day closed. I would be looking to take most of my profits here.
If you want to check targets , you can go down 2 time frames and watch price action, for clues on direction.
Feel free to ask any questions you have below and I will try my best to respond.
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Hi Traders,
As you can see nano has broken the read support line, I was not in this trade but I would of exited there as I mentioned above, I hope you collected healthy profits.
I would not say that Nano is over but I would certainly sit on the sidelines until we discover an entry point.
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ENTRY Chance on NANO, After BIG Move up
Here is our first good entry point in the Pullback.
This has been a big move up. You should only enter a trade here if its your first in this move, or if you have already banked some profits.
On the H chart price has pulled back to the 50 EMA (red Line) and 38.2 Fib retracement of the whole move. We have a Decisive Buying candle forming (Closes close to the top). If this bar closes decisive, i will buy when price takes out the high of it.)
Buy the high of the bar if it closes decisive, based on current bar 0.00130 SL 0.00120 Targets Just before the red and black lines on my chart at 0.00140 and 0.00155
To make dollars your decisions need to make Senses. We are well into this move, the best is done. We can grab some profits here but control your risk.
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Entry on Nano now the bar has closed
Is 0.00134, SL and Targets remain the same
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Lets bank more PROFITS, thats why we are here.
We have hit the first target (The Red Line) . Its REALLY important to keep BANKING While BTC is leading the market all over the place.
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Did you bank Target 2 before the pullback.
We did say to take just before before my line, Did you take a second profit before we turned around? If so nice work from us, Its always good to take profits in this choppy market condition
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Nano is rallying and the questions are coming piling in
Foe me the keys are getting a technical base, and then confirmation of our levels. In the Chart you can see we have bounced of a previous high and the 20 EMA. That's a good enough technical base for me. Now i need an entry, price is around our 0.00140 level and this is the key level for entry for me. I will go down to the H or 30 minute chart and wait for the level to break, and then pullback and test from above. If i get that set up i will be looking to buy either at he pullback (Aggressive) or following a decisive buying bar bar ( Conservative).
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WE havent had a bar close above our level, and then come back and test from above (with a close above) to give us an entry yet. We will keep watching
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Forget the followers, we got on Nano First, and will get it right again second. There is a fresh Entry setting up on Nano as it bounces off Support at 0.00140 and the 50 ema (THe Red Lines). WE have a buying candle setting up and of it closes Bullish i would buy the top of it. Entry based on current Candle 0.00146 SL 0.00139 Targets 0.00154 ( i will provide more targets)
Nano selling off right now. Entry opportunity over?
KoggelRam
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@DollarsAndSenses would you say this is bull flag forming that may take us to the 0.00192 level or will it keep moving downward for the moment?
kosuo9909
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Do you see it ever coming back up again? Unfortunately I bought in at 16900, expecting it to go up to 185. Thanks.
DollarsAndSense
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@kosuo9909, Its had a strong pull back and volume has dropped but if volume comes back yes it can go back up, volume is on a slight rise now.
When you buy high you always need to be cautious and only aggressive traders would enter that high, however before you buy you need an exit strategy.
Above I wanted to provide an exit for people by showing the support line, however regardless of what someone entered at I would of sold at the support.
You can then re-buy lower meaning you have actually earned more NANO on the rebuy for the same value of BTC. Its called short trading but you only do that in crypto if you hold the coin in first place like you did.
But if you trade aggressive this is fine and sometimes more profitable but you will lose money if you scared of hitting sell at a loss. Think of a strategy and discover what sort of trader you are and stick to it regardless of what your stomach is telling you.
kosuo9909
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@DollarsAndSenses, Thank you very much for the reply. I will hold for another 4-6 hours, as I really want to jump onto Vechain. I suppose I am very greedy and not so smart, I invest all of my money in one coin and trade back and forth. Got into Nano with $1400, I'm at $1130 now. I know diversifying is key, I got burned. Thank you for your work.
orbsatchel
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@kosuo9909, capital preservation is key! Don't buy w high RSI and don't sell in a panic w low RSI! i am in high too my trading view charts were not pulling up so I pulled the trigger and disobeyed rule #1 mentioned above. Wait for a bounce in BTC to sell. As BTC goes so goes NANO. When high volume poles back in it could be violent to the upside. If you have to log out of you account and take a break for a day or two with a sell order up high.
DogenSrb
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@orbsatchel, If u don't buy w high RSI u will not profit with NANO in pas 3 days. It is not a problem w high RSI, u need to watch to resistance and support lvls and how coins played with breaking or touching that lvls. AS u can see on my chart 15891 are past resistance, but he failed to become support and after that he passed one more support.
@DogenSrb, Also I meant only in a day timeframe for entering a position. Many of these trade in a flag-advance, flag-advance thing that seems better to get on the RSI dips. Your advice is great and I have a question. Do you think the algos kick off and the huge volume comes from: fib retracements, position of chart to the moving average, or the resistance-support? Thank you.
DogenSrb
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@orbsatchel, Yea, I'm a day trades, so I usualy use smaller timeframes. I'm using 1min but I'm still learning, because it is too fast! :) I'm in NANO for two days, and I only use 10% with day trading, so that I just buy, hold and sell now I will use 30-40% but I want to learn day trade, because I can do that when some coins in consolidation and use a profit, but with swing trade I just can't use a profit when some coin is in consolidation. For day trade I only use CCI indicator, TTM Squeeze and 1min timeframe. That is really good question because I really don't know where are from comes huge volume. I never ask myself something like that because I'm always jump in some coin when he is going up some percentage. I'm also still learning about TA so I like to found something like this one chart, and compare to my TA. I'm only looking for fib retracement, support and resistance. Maybe I'm missing something, but for now it is going good with this indicators. :)