Cryptocurrencies

NANO technical analysis

NANO seen from the temporality of 1D we can see how the price has made an upward movement after making a tweezer bottom at 0.9083, in the upward movement has made a correct structure of three points so we should expect a decline in the price to the area indicated in the chart within a blue rectangle that is located within the price range of 1.1320 – 1.2082, the bulls will be located in that zone of demand where the price should have a positive reaction, otherwise, the price would be put into a bearish structure.

NANO seen from the temporality of 4H we can observe more closely the movement of the candles within this structure, we see how the price has drawn us a double ceiling near the weekly supply, this setup is a reversal of trend so it would support our operation and zone of demand mentioned above. In the chart above I have also drawn the possible trajectory that the price should follow over the next few days.

In conclusion, the current structure of the price movement is very good to look for a next long entry, for this we must wait for the price reaction once it reaches the demand zone located within the price range of 1.1320 – 1.2082, a continuation setup (ABCDE) must be formed to continue towards our objective that I have pointed out in the first graph above located at 1.7799.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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