Nano seems like seen the bottom and now starts is bull rally up.
0.0017 level maybe the first leg of the elliot wave. To confirm this we enter a position at the breakout of this level, our long positions are according to the 3rd and 5th elliot waves. I will keep my stop loss just below the 0.0017 level (to eliminate the damage from bull trap probability)
Buy @ 0.0017 Sell @ 0.0023 Sell @ 0.0028
Stop loss @ 0.00162
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It made five wave correction, buy getting rejected from 0.236 fibonacci level.
It is a healthy correction, which happens either ABC form or ABCDE form in between the 1st and 2nd waves. It is safer to predict the 3rd wave after a breakout therefore I will wait for the break of the purple line, however for a risky high reward trade it is possilbe to open a position after the breakout of 50 EMA at 1 h chart (red line)
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It is nice to see a breakout of 14.2k satoshi level however we are in a wedge move, the price strength confirmation is still not there.
I see this trade positive though but it has to close a candle out the wedge at 30m chart. Rsi has bounced back from the previous high (possibly a resistance, should watch it more
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We are currently on the right track with our analysis.. NANO from wave 1 to wave 2 showed ABC correction as expected. We expect ABCDE movement from wave 2 to wave 3, this is what we may be seeing now. I personally wait a price strength confirmation above the purple line and ride along with wave 3.