NANO has been able to reclaim the very important 19.50-20.50 area as support, preventing the price from falling out of the daily cloud.
So what's going on?
- For now, support has been found on the 0.618 fib retrace of the last impulse (13.80-26.50, blue fibs).
- 19.50-20.50 has been retaken.
- On the weekly a higher low has been formed, which gives us a trendline to work with (blue thin line).
This is a good start. However, Just up above is a long term downward trendline (thick blue line).
The price will need to break this line before I consider NANO a buy.
Because if we take another fib retracement from the previous high on the weekly, combined with the latest low (black fibs), then the latest rebound in price could have simply been a retrace and the downtrend will continue.
So all eyes on the area in the orange circle.
So what's going on?
- For now, support has been found on the 0.618 fib retrace of the last impulse (13.80-26.50, blue fibs).
- 19.50-20.50 has been retaken.
- On the weekly a higher low has been formed, which gives us a trendline to work with (blue thin line).
This is a good start. However, Just up above is a long term downward trendline (thick blue line).
The price will need to break this line before I consider NANO a buy.
Because if we take another fib retracement from the previous high on the weekly, combined with the latest low (black fibs), then the latest rebound in price could have simply been a retrace and the downtrend will continue.
So all eyes on the area in the orange circle.