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NANO - Levels I'll be watching today
Yesterday I published an idea showing that NANO was consolidating within a tightening channel thinking that it was either going to pop back up or trace down a little bit further.
The levels to watch were at the 114k level (0.5 fib retracement) and 126k (0.618 fib). This morning, the chart shows that NANO has broken out of the tightening channel and has confirmed a reversal with three green candle sticks with higher highs and lower lows. A small equilibrium pattern is now forming (green triangle) and the range is tightening again.
I'll be monitoring for tests of the 126k and 144k levels (0.618 and 0.786 fib levels respectively) to determine my next move. Depending on the RSI, if we breach the 126k level it may be a good opportunity to buy more, and if it tests the 0.5 fib level at around 114k it would definitely be a good buy range.
I reentered the trade at around 113k so will be looking to book partial profits if we get anywhere near the previous top of around 168k. Personally I'm bullish as we have seen quite a solid consolidation with quite a lot of volume to back it up, however, the last run was pretty parabolic so who knows.
DISCLAIMER: we can't predict the future, we can only use our skills, knowledge and experience to guide us and I'm wrong more than I'm right :)
- The Edje
* Learning every day
The levels to watch were at the 114k level (0.5 fib retracement) and 126k (0.618 fib). This morning, the chart shows that NANO has broken out of the tightening channel and has confirmed a reversal with three green candle sticks with higher highs and lower lows. A small equilibrium pattern is now forming (green triangle) and the range is tightening again.
I'll be monitoring for tests of the 126k and 144k levels (0.618 and 0.786 fib levels respectively) to determine my next move. Depending on the RSI, if we breach the 126k level it may be a good opportunity to buy more, and if it tests the 0.5 fib level at around 114k it would definitely be a good buy range.
I reentered the trade at around 113k so will be looking to book partial profits if we get anywhere near the previous top of around 168k. Personally I'm bullish as we have seen quite a solid consolidation with quite a lot of volume to back it up, however, the last run was pretty parabolic so who knows.
DISCLAIMER: we can't predict the future, we can only use our skills, knowledge and experience to guide us and I'm wrong more than I'm right :)
- The Edje
* Learning every day
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