Hourly NANO/BTC chart clearly reflects an ascending triangle which is generally a bullish pattern in TA. Resistance appears to be around 0.0003170. Traders may consider entering long positions if 0.0003170 resistance is broken. RSI is nearing overbought area, before reaching that critical resistance point I would expect price to retest 0.0002800 levels. Look for a significant increase in volume as a confirmation of a breakout, absence of volume boost will most likely indicate false breakout. If a breakout occurs, 0.0003170 will most likely become our support. If a false breakout takes place, price will move significantly lower triggering price reversal and downtrend.
Comment:
We broke through resistance and briefly found support @ 0.0003170 before moving higher all the way up to 0.0003736. We are due for a retracement however, RSI is in oversold and I think we need to come down to 0.0003425 levels or even 0.0003170 to maintain a healthy trend before making another major move.
Comment:
Nano has surpassed my short term expectations and is still on the rise despite being severely overbought both on the hourly as well as on the daily charts. Critical resistance of 0.0004100 has been crushed and now we're trending around June and July highs; while I'd love Nano to continue its strong rally, I think it is overdue for a small correction as this parabolic move is not exactly good. Personally, I would love to see a retracement to 0.0004000 levels as well as a short term consolidation. Volume has been pouring into Nano but what goes up must come down at some point. This trend is not particularly healthy in my opinion. What do you guys think?
Trade closed: target reached:
I exited this trade shortly after the breakout. Don't be afraid to take profit, better than getting stuck in the trade that's working against you.
