NANOBTC Fan Idea on the Daily

BINANCE:NANOBTC   Nano / Bitcoin
A rough idea using the Fan Principle on the Daily NANOBTC market. The downtrend since 04 May has followed the first fan line down quite well, I would expect a move back up to test the second fan line with a break through that and then a draw back followed by a reversal of the overall downtrend.
Comment: Looks like the downtrend continues with no move back up to test the second fan line. Large holders selling large amounts daily keeping the sell pressure high with no clear support about 28k sats and then 10k sats below that. Let's see.
Comment: With the (mostly) successful releases of the iOS and Android wallets and the fact that one large account holder appears to be done selling the price has somewhat stabilised around the 39k-41k sats area. The retracement back towards the second fan line is underway with a shallower arc than I expected. On a weekly time frame, using price action from Binance only, we are on a TD 9 indicator which could also suggest that we see 1 to 4 weeks correction from this downtrend which would also fit well with price action back toward the second fan line.


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