Nano - out of the frying pan, into the fire

14 Nis 2018

$BINANCE:NANOBTC has shown some strength in recent days, breaking out from a descending wedge. The recent impulses over the last couple of days suggest a new broadening wedge (blue) but I believe this to be unlikely to hold for a few reasons:

• Nano has failed to hold on to any gains following the two recent impulses
  
• Other alts may outcompete nano in the short term, pulling away volume
  
• Minor, but potentially impactful, exchange concerns in the short term
  
• Risk that BTC loses strength and sparks additional bearishness
  

All of this could put nano into a wider downtrend channel (yellow) awaiting future breakout once short term concerns are overcome. Should nano escape this channel I predict two levels of fib resistance beyond 78k.

15 Nis 2018

Not

Currently trading sideways within the ichimoku cloud, as might be expected on low weekend volumes. Day traders may want to prepare to trade this pennant, especially if short.

15 Nis 2018

Not

Broke out from the pennant with reasonable volume

15 Nis 2018

Not

Potentially "out of the pennant, into the pennant" here. Buy order book looks healthy though, so could be setting up for another impulse.

15 Nis 2018

Not

Broke out from the wedge but still expecting some sideways trading. Next resistance level would be 78.5k but I suspect either sideways or back down. I'm now tracking as a triangle. Could also see a cup and handle forming so long as any correction is not too heavy.

16 Nis 2018

Not

More sideways for nano. Quite easy to pick out some support and resistance lines now? Short still in play - note that I've added a more realistic (dotted) blue line based on the 1D chart...

18 Nis 2018

İşlem aktif

Feeling comfortable with a breakout from the historical downtrend channel. I've also indicated a potential new uptrend channel (solid blue lines).

19 Nis 2018

Not

Seems that nano bounced off multiple support lines (most notably the 400hr EMA) and continues a cautious clime.

19 Nis 2018

Not

Currently sat at my first resistance level in what looks like a bull flag. Nano would do well to push on and make this a support but let’s see... quite bought already so might have some consolidation just below first...

19 Nis 2018

Not

Always tricky to find impulses but I've had a go...

19 Nis 2018

Not

Sell momentum is remaining high. Got a feeling we could fall from the current pennant... (Yes, I entered my short a little early haha)

20 Nis 2018

Not

Looks like I was wrong but instincts were right - the most frustrating trade! Had my stop set a little too tight...