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Cryptocurrency
by Seth Parker on August 20, 2018

NANO Analysis – Upswing towards the 2 USD resistance

The first coin of this week will be NANO, which is one of the biggest gainers today and the European session starts with the 9% upswing. Previously, NANO was analysed on the 6th of August and we were bearish”

„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. „

nano chart

In the title of the previous piece, we said that it was not the best time to buy this cryptocurrency and back then, the price was around 1.62 USD. Did anything change here? Let me start with the explanation what happened after our last analysis. Price, obviously, went down, so we were right. It was not just any decline as in several days, the price lost more than 50%of its value!

The time has changed though. Now, on most of the instruments, we do have nice reversals. Nano, since 14th of August and the hammer on the daily candle, also has a buy signal and this led us to the resistance around the 2 USD (yellow). Breakout of the yellow area will be a confirmation of the buy signal and an invitation to go long again. Buying now, below the resistance is not the best idea on the record and is against ‘the art of trading’. In my opinion, if you missed the initial signal, you should not chase the train and wait for the breakout first.

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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