Update from my previous NANO chart. The uptrend was broken, which was a sell signal. Based on what's happening with other alts, I wouldn't be surprised at all if NANO broke the 2000 support and retested some of the low areas it hasn't seen since last August. I think if the 2100 area falls, we could easily drop towards 1800, to potentially find support at the previously broken wedge resistance. If we can't bounce there, a retest of the 1200-1300 low (or making new lows) is possible as well.
I guess we'll see how buyers react. So far, altcoin buyers have completely fled the scene. I'd like them to prove me wrong here.
This is not financial advice. Just an update. Doesn't have to play out. NANO may continue to find support up here, but such a strong level could produce a powerful breakdown. It still has major USD support between $0.75 and $1.00.
-Victor Cobra
I guess we'll see how buyers react. So far, altcoin buyers have completely fled the scene. I'd like them to prove me wrong here.
This is not financial advice. Just an update. Doesn't have to play out. NANO may continue to find support up here, but such a strong level could produce a powerful breakdown. It still has major USD support between $0.75 and $1.00.
-Victor Cobra
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Some alts are starting to show some signs of life, and Bitcoin is well above $6K. If it can hold up there, it’s possible some alts start to move up on their ratios. When the trend will shift is anyone’s guess, but my second target for Bitcoin since the 3K zone was 6.4K, which was hit today.
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Looks like the 2000 support is still holding. Other alts are starting to finally have larger bounces. I guess we'll have to see what happens now. In any case, NANO has drifted lower on the ratio as originally forecasted.
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So this idea actually ended up playing out. Would have been a great selling opportunity on the break of the uptrend.
