Hi guys,
I bring you NANO.
One hell of a coin.
Since its listing on Binance it hit a low of 6k sats, after which it bounced, pretty crazily all the way up to 16k sats in 4 days. Wow.
Anyways since then, we've gone through a nice accumulation phase which saw us at a bottom of 6800.
We had a small rebound up to 11k recently which was very profitable to a lot of traders, myself included and now we see us eyeining NANO, at the time of writing 6300 sats.
I have here the larger timeframe, Daily chart outlines to see how far we have really retraced.
We've had a previous zone of Wyckoff accumulation, outlined by the massive cup.
and look to be forming once again, another basing pattern.
RSI is once again oversold, on the daily, MACD histogram is looking to roll on over. Not a buy signal yet, but is definitely something to keep on your mind in the coming days/weeks.
I'm expecting RSI and MACD to slowly form bowl patterns after which we should see some pretty solid bounces.
I can already see that the rate at which RSI and MACD (both signal and MACD line) is decreasing towards the downside is slowing down, potential weakness in the bears.
The ladder starts now.
Buy: 6000-6800.
I know its a very generous buy zone, but since I'll be looking to take a swing trade position in this coin, I'm ok with taaking large buy in targets and zones.
Sells:
11k
16k
20k (target from Kucoin)
Let's see how this goes.
This will begin my trading journal of alts here.
Once there's more data here, I'm happy to apply some Elliot waves to this to derive some targets. But for now simple trendlines and basic understanding of RSI bottoming and MACD lines converging will do
I bring you NANO.
One hell of a coin.
Since its listing on Binance it hit a low of 6k sats, after which it bounced, pretty crazily all the way up to 16k sats in 4 days. Wow.
Anyways since then, we've gone through a nice accumulation phase which saw us at a bottom of 6800.
We had a small rebound up to 11k recently which was very profitable to a lot of traders, myself included and now we see us eyeining NANO, at the time of writing 6300 sats.
I have here the larger timeframe, Daily chart outlines to see how far we have really retraced.
We've had a previous zone of Wyckoff accumulation, outlined by the massive cup.
and look to be forming once again, another basing pattern.
RSI is once again oversold, on the daily, MACD histogram is looking to roll on over. Not a buy signal yet, but is definitely something to keep on your mind in the coming days/weeks.
I'm expecting RSI and MACD to slowly form bowl patterns after which we should see some pretty solid bounces.
I can already see that the rate at which RSI and MACD (both signal and MACD line) is decreasing towards the downside is slowing down, potential weakness in the bears.
The ladder starts now.
Buy: 6000-6800.
I know its a very generous buy zone, but since I'll be looking to take a swing trade position in this coin, I'm ok with taaking large buy in targets and zones.
Sells:
11k
16k
20k (target from Kucoin)
Let's see how this goes.
This will begin my trading journal of alts here.
Once there's more data here, I'm happy to apply some Elliot waves to this to derive some targets. But for now simple trendlines and basic understanding of RSI bottoming and MACD lines converging will do
Comment:
So we're below 6k.
First it's still a great buy area, but I think prudent thing is to wait.
Wait for the market to decide a bottom. Then you fly in and buy.
When coins undergo accumulation it takes some time before they actually see some action. So wait.
Wait for the prices to bottom out, with minimal volatility over the next few days. With bitcoin looking for a bounce soon (small bounce first) may give alts some breathing room.
Bitcoin does look very bearish to me.
As such you can nibble in, but if you have fiat, use DCA
First it's still a great buy area, but I think prudent thing is to wait.
Wait for the market to decide a bottom. Then you fly in and buy.
When coins undergo accumulation it takes some time before they actually see some action. So wait.
Wait for the prices to bottom out, with minimal volatility over the next few days. With bitcoin looking for a bounce soon (small bounce first) may give alts some breathing room.
Bitcoin does look very bearish to me.
As such you can nibble in, but if you have fiat, use DCA
Trade active:
still respsecting the downwards channel.
Waiting for prices to exit channel with conviction to begin scaling in once more.
still respsecting the downwards channel.
Waiting for prices to exit channel with conviction to begin scaling in once more.
spotting some 2 hourly divergences.
Not safe to enter from a traders point of view yet.
youd want to break the local pullback on the RSI for a safer trade.
Falling wedge gives us a target of around 6k.
Taking fib extension of this most recent wave down gives us a 0.786 extension of around 6050 coincides perfectly with previous low.
If there's an area we're bouncing from it'll be 6k with conviction.