Trade Recommendation: NANO
Our April 9, 2019 trade recommendation for NANO (NANO/BTC) hit both its bottom picking and initial target. On April 23rd, the coin climbed as high as 0.0003543. Those who followed the trade plan grew their investments by over 26% in two weeks.
After hitting our initial target, NANO quickly corrected. The selling pressure was so heavy that the cryptocurrency dumped to 0.0000866 on August 9th. That’s a massive devaluation of 75% from the 2019 top of 0.0003569 which was posted on April 9th.
Nevertheless, the coin appears to be carving a local bottom. This is the reason why we’re interested in this crypto.
Technical analysis shows that NANO/BTC appears to be forming a durable support at 0.000093. We have this view for several reasons.
First, the cryptocurrency refused to go below this level from July 12th to July 16th. The stubbornness of the bulls sparked a rally that launched the pair to 0.000148 on July 25th.
Once the rally faded, bears flexed their muscles and drove the price below 0.000093 on August 8th. At that point, bulls were quick to respond as they lifted the market back above the support. This price action indicates the possibility of a bear trap. If our read is correct, the false break or spring can ignite a rally to our targets.
The strategy is to buy as close to 0.000093 as possible. As long as NANO/BTC is above this level, bulls will likely target resistance levels of 0.0001205 and 0.000148
The process may take less than a month.
Daily Chart of NANO/Bitcoin on Binance
Summary of Strategy
Buy: As close to 0.000093 as possible.
Targets: 0.0001205 and 0.000148.
Disclaimer: The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
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