A bearish outlook on NANOBTC from a beginner. The overall cryptoasset market is in a downtrend and despite NANO's large pullback from its ATH it still looks like there is more downside with the first support level looking around the 24.5k area to me and then below that down towards 10k.
Comment:
The 24k sats area proved not to be a level of support, however some support was found in the 18k sats area. We are currently trading below that and I still expect to see 10k sats over the coming weeks.
Comment:
NANO went on to hit a low of 12.7k sats on 14 Aug in what now looks like it could have been a final capitulation candle and has since gone on an impressive run that looks like being a reversal of the downtrend it has been in for months. Interestingly the 12.7k bottom also touched the second red fan line before rebounding.
Comment:
Coming back to this after a while because I've been interested in the ~24k sats level which appears to be acting as support as originally suspected back in July '18. It's unclear to me where the price goes from here and I'll be watching for a decisive break below 24k sats then 20k sats below that or on the upside a strong close above 30k sats. Let's see.