Hey guys, MM here with a different kind of analysis than usual.
This is gonna be a new segment where I analyze past calls and what made me decide it was a good idea to buy at that point.
I will be taking a look at a NANOBTC blog that was posted ~ 3 weeks ago, ( https://www.cryptocue.io/23-8-2018-nano-11-45-utc )
I started with drawing a big resistance that had been blocking the price continuation at 0.0002927, as we can see that every time we touched that line or were really close to it, the price just plummeted down, this is an especially important thing to note, as buying near resistances is often times the downfall of many inexperienced traders, not being able to properly identify supports and resistances.
After a rough idea of what was blocking our path i started looking at possible support levels, which is where demand is high and every time we get close to that point buyers step in, which is where i identified a diagonal support, or what its often called a “trendline”, they show direction and speed of price, and also describe patterns during periods of price contraction.
Now that we had both of these lines drawn, it was easy to see that we had in our hands was an ascending triangle, an easy bullish formation, that signifies how the buyers slowly keep rising the price while the sellers are trying to hold a resistance, until eventually the buying power is too high and this resistance is broken. An ascending triangle’s price target is generally equal to the entry price plus the vertical height of the triangle. After the breakout occurs, the horizontal resistance turns into a key support level supporting a move higher. The price may move back to these levels before reaching the ascending triangle pattern’s long-term price target.
This is it for today guys, next time i’m probably gonna be looking at some indicators that i find really useful in every day trading and can help you identify key supports and resistances, while giving us an idea of price momentum.
Hey guys, MM here with another analysis.
This time i’m looking at NANO, after a huge rise to almost $35 this coins huge downward spiral seems to have bottomed out and it’s now trying to make a reversal, growing almost double from the bottom in the last 10 days makes this certainly a risky trade, but certainly a worthwhile one, as it has potential for great gains.
On the 6h chart an ascending triangle has been formed, an easy bullish formation, that signifies how the buyers slowly keep rising the price while the sellers are trying to hold a resistance, until eventually the buying power is too high and this resistance is broken. This resistance level coincides with the top of the cloud on the 8h, meaning that when we break it, we will be free of this huge resistance level.
The way an ascending triangle is played is that you buy when the formation is broken upwards with a candle close above it, you don’t rush or try to get ahead, be patient and wait for confirmation of a continuation of the uptrend. Your stop loss can be placed inside the formation.
Keep an eye on this one, as it requires proper attention.