Nano has been making money moves in this year of the Crypto (as have most other coins but anyway); The question is; will the next move be another bullish continuation after spending quite some time consolidating, or is it still exhausted and going to accumulate a while longer?
Initially I had my eyes on the demand zone created between 4 and 4.6
- we can identify this zone from the rally-base-rally pattern
- the zone has already been respected once - price bounced from this area very quickly (leaving a large wick in the dust) which confirms this is a strong demand zone (area of support) and a good place to buy
- (if price bounces from this level more than 3 times then expect for it to break)
- divergence on the MACD also affirms our bullish beliefs
However...
On the other hand we can observe the second response to the Demand Zone wasn't as strong
- The candlestick pattern leaving the zone is still bullish, but not as enthusiastic
- price has broken below the 61.8 fib level which happens to lie on a important psychological price of $5
- we can see previously the $5 mark acted as a huge resistance before breaking it and acting as a support for a while, we have now broken below this level again so it is once again an area of resistance
- price also gapped up a lot earlier in the year without any retest so there is still a small chance we will come down to either $3 or even $1.5
Overall, I'm still bullish, but proceeding with caution.
I will enter a buy after the MA cross and we see a big green candle close above the 8 MA.
Hopefully by this stage we have broken above the $5 level again.
Initially I had my eyes on the demand zone created between 4 and 4.6
- we can identify this zone from the rally-base-rally pattern
- the zone has already been respected once - price bounced from this area very quickly (leaving a large wick in the dust) which confirms this is a strong demand zone (area of support) and a good place to buy
- (if price bounces from this level more than 3 times then expect for it to break)
- divergence on the MACD also affirms our bullish beliefs
However...
On the other hand we can observe the second response to the Demand Zone wasn't as strong
- The candlestick pattern leaving the zone is still bullish, but not as enthusiastic
- price has broken below the 61.8 fib level which happens to lie on a important psychological price of $5
- we can see previously the $5 mark acted as a huge resistance before breaking it and acting as a support for a while, we have now broken below this level again so it is once again an area of resistance
- price also gapped up a lot earlier in the year without any retest so there is still a small chance we will come down to either $3 or even $1.5
Overall, I'm still bullish, but proceeding with caution.
I will enter a buy after the MA cross and we see a big green candle close above the 8 MA.
Hopefully by this stage we have broken above the $5 level again.