$NANO #NANOBTC Extensive Technical Analysis- Day Trader Explains

Hello Lads and Ladies,

Welcome back to the TJs Daily TA Session, today requested by Verified Crypto News, we will be looking into NANO/BTC on the 12h timeframe to see what happened and where we are heading too.
Anyone whoremebers my NANO/BTC calls from a few months back, it has been one of my best ones with multiple hundred % and almost a perfect accuracy. Now, I have something special in store and want to continue my NANO/BTC registry to be clean.

Lets start off with a falling/wedge that had a perfect breakout after many months of a pretty string downtrend. It broke out with multiple 100% which is why I say mostly the longer it takes to pop, the bigger the pop will be.
We are taking this "pop" as our main point of view and consider it here as reference and a starting point of the net moves.

Why? Simply because this push showed us a strong support of NANO/BTC and that we are now consolidating before the next move, since the strong downtrend has been ended and now we the next phase of the NANO/BTC or even "alt coin cycle". This cycle is mostly -> Downtrend, accumulation, pops, uptrend, mania/exponential increase.

We have completed the downtrend and seem to be at the end of the accumulation phase. You can see this on the fact that after the pop we had a 61.8% retracement and are staying there pretty much flat while everything else is indicating that people are buying a.k.a. accumulating. One more, pretty obvious indication is that we are going sideways for so long without breaking down but also without a bounce, meaning there is a high interest of not breaking the uptrend and buying NANO/BTC around its intermediate support zone.
Now, lets take a look at the tilted rectangle which shows us the path of accumulation and keeps pretty much all of this action inside. These are mostly buy LIMIT orders getting filled and just some market orders by normal market participants. This rectangle contains at the top a pretty strong descending trend line which when broken, indicates the next pop or the net uptrend.

We are also seeing that we have a curved purple line, acting as well as support and maybe even indicating us the next path of NANO/BTC.
HERE comes the most interesting part about todays session, which I have never explained detailed before on my dailies and will go over in my live sessions with all of my students.
The question is, how do you allocate your curved purple line so it is accurate?
The shorter answer would be math and measures.
The longer answer is that you should take a look at the lowest point of the last "uptrend" and see that its "exit angle" fits almost with its "entry angle".
So, in this case you would first measure the angle of the red downtrend (150), subtract it then from 180 (180-150=30) and get the "perfect" "exit angle" of your uptrend (30).
Now, you have to see where this uptrend fits to the market structure and apply it as a "ray" to see where this might take you.
This ray is most likely going to be your resistance if the entry trend was a support, also works the other way around.
After finding your "perfect" uptrend, you want to apply here a line of 90 degrees, which goes out of this ray. This line is your indicator when broken that you are in an uptrend.
In this case the line aligns with the tilted rectangle and based on that point you can place your curved line.

This method is very affective when done correctly, yet it is hard to understand and you will have to practise it multiple times. If you read it only once and think that you understood it, you most likely didn't and I suggest reading it and comparing it to the chart again.
Now, lets take a look at the indicators.
FOMO is on a sell, which sets us in a nice position to turn into green soon and then start a push.
RSI is flatter as the flat earth theorist brains and ready to make a move to the overbought area again, since it has not been there for quite a long time. Take a look at the yellow circles.. next time we touch the overbought area, we will have a strong push (most likely to our uptrend resistance :wink: )
StochRSI is indecisive, yet LOW and seeming to make a crossing. Which again means, uptrend, push, close above the tilted rectangle and close above the right angle green line originating from our "perfect uptrend".

So, what might happen you ask me? If you still don't know then, you should read a little closer.
Yet, for the lazy readers here.. Basically, some more accumulation in the rectangle, best case test of the 61.8% again and then up, out of the rectangle and close above green line, then push to the dotted line.

This @here is how I will make my trade:

NANO/BTC Binance
BUY 3000 - 2900 - 2675 - 2577
Targets - 3300 - 3625 - 4250 - 4656 - 5585 - (8000-9000 touch of the dotted line)
Stop Loss 2550 (close below)

Comment:

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