Some simple, practice TA leads me to believe NANOETH -7.03% -7.03% could be on it's way down further. What do you think? Discuss!
On the 4hr it had a tiny bounce off a weak support (top orange) and headed down further to the next support, which appears stronger. However, it broke the upward trend line a while back and appears to be forming a clear Head & Shoulders pattern. The right shoulder isn't perfectly clean as it has two peaks so one could argue that the right shoulder was the first peak or maybe it's not a H&S at all, but looking at the larger picture I think it's fitting.
On the 4hr it had a tiny bounce off a weak support (top orange) and headed down further to the next support, which appears stronger. However, it broke the upward trend line a while back and appears to be forming a clear Head & Shoulders pattern. The right shoulder isn't perfectly clean as it has two peaks so one could argue that the right shoulder was the first peak or maybe it's not a H&S at all, but looking at the larger picture I think it's fitting.
Comment:
Next possible support would be roughly around 0.014800. Best seen on 1hr or 30min timeframes. That could provide reasonable support, but still a long way down to the major red support.
We may seem some brief bounces / pauses at some other possible support levels (not drawn as they are unclear / weak in my opinion) but ultimately I feel we won't have a major reversal until the red, major support line at best.
However, this is crypto so anything can happen.