by Lucas Bedwell on August 6th, 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.

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 Lucas Bedwell

With 3 years of trading experience across Forex, stocks, and cryptocurrencies, Lucas Bedwell has honed his market insights. His close connection to financial markets allows him to craft compelling copy, offering readers valuable perspectives and analyses that reflect his deep understanding of trading dynamics.