NANO surprised us with a 5x in a matter of 5 days, going from $1 to $5.
The Fib extension shows us we are at the 361.8 resistance which coincides with the weekly resistance line (if you check an exchange with a longer history).
If for some reason we do not stop here (which we may very well not, considering BTC is pumping without a sweat), the next weekly resistance is at $10 with little to stop the price reaching that level. Mind you, goin from $5 to $10 is only a doubling in price now.
I recommend being cautious about longing at this moment. Wait for the $5 resistance line to be broken and retested as support for a safer long (check lower time frames for that). If we break the support line (which we will at some point) then we will turn bearish for medium term.
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The Fib extension shows us we are at the 361.8 resistance which coincides with the weekly resistance line (if you check an exchange with a longer history).
If for some reason we do not stop here (which we may very well not, considering BTC is pumping without a sweat), the next weekly resistance is at $10 with little to stop the price reaching that level. Mind you, goin from $5 to $10 is only a doubling in price now.
I recommend being cautious about longing at this moment. Wait for the $5 resistance line to be broken and retested as support for a safer long (check lower time frames for that). If we break the support line (which we will at some point) then we will turn bearish for medium term.
Like and subscribe.
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