Updated
NANO:BTC - Possible Inverse Head and Shoulders
This is not financial advice.
The support around the 112490 mark is strong forming the head but could still fall through if the buy volume isn't there. The shoulders could be made between the two support lines at 114670 and 115990. An upwards trend could follow on the Elliot Correction.
For those of you that have seen my previous post on NANO, we did fall through the support at 114670. However, the drop in BTC we saw yesterday attributed to this and could also still have a potential impact on this TA.
I'm new to technical analysis so any constructive feedback will be appreciated.
The support around the 112490 mark is strong forming the head but could still fall through if the buy volume isn't there. The shoulders could be made between the two support lines at 114670 and 115990. An upwards trend could follow on the Elliot Correction.
For those of you that have seen my previous post on NANO, we did fall through the support at 114670. However, the drop in BTC we saw yesterday attributed to this and could also still have a potential impact on this TA.
I'm new to technical analysis so any constructive feedback will be appreciated.
Note
The shoulder rallied through all three support lines, expect a retest at 11822 within the next couple of hours. However, if volume persists, this could increase further.Note
Note
As stated 4 hours ago, correction to 118220 likely before retesting 121980.Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.