Been a while since I posted any analysis. Nano has been looking extremely weak for a while now and an apparent H&S formation has been formed with the neckline broken.
The end game target for this pattern appears to be around 0.0003, so watch out for those levels in the next few weeks.
I could be wrong about the H&S pattern though, so this is not investment advice, but if Bitcoin continues to fall, this target is a real possibility.
Nah bro, RSI and STOCH is bottomed out, BTC should conolidate for the next few months. That pattern isn't a valid H & S. Nano has already found support at 5800 sats and just broke the downtrend. It rose to 6200 sats and now is consolidating at the 59XX level, both STOCH and RSI is point upward on the Daily timeframe as well.
henio447
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@raymondcordoba, Agreed for the RSI and on the pattern not being a valid H & S as the volume doesn't seem to confirm it. However BTC will most likely test it's own trend-line at 7.0K in the coming days which can stall Nano's advancement and possibly cause Nano to test its own support level at 5.7-5.8k.
If Bitcoin falls, RSI and STOCH will both be meaningless for the time being. It doesn't take much to keep both of those hovering above the danger zone, but for the overall price to continue to fall. It may not be a valid H&S (yet), but I guarantee that if Bitcoin tumbles, more people will believe it to be so, which will basically make 3000 sats a self-fulfilling prophesy.
I agree that if Bitcoin tumbles out of the triangle (below 7.0k-6.9k) Nano will test its support and could possibly see new lows.
raymondcordoba
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@smyelar84, That's if it falls. It'll test support, but 3k? Nah.
smyelar84
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@raymondcordoba, So Bitcoin hasn't exactly fallen much, but Nano is 10% down in a day. When you mentioned its support levels, what values did you guys have in mind?