Cryptocurrency
by Seth Parker on August 6, 2018

NANO Analysis – Not the best time for buying

Monday round of analysis finishes with the NANO, which will be analysed here for the first time. This altcoin behaves in a very technical manner, which makes it easier to trade. Situation here is bearish, so if You want to buy now, we do not think that this is the best idea.

During June and July, the price was forming an inverse head and shoulders pattern. Which on the 16th of July, resulted with the breakout of the neckline (black). The breakout was a false one (orange) and stopped on the resistance around 3.15 USD (blue). Since that, sellers took over the control on this instrument and pushed price lower.

Nano Chart

Currently, the price is below the static resistance on the 2,10 USD (yellow) and the dynamic one being the green down trendline. As long, as we stay below those two, the sentiment will be negative and the price should continue to go lower.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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