Updated

Nano - out of the frying pan, into the fire

$BINANCE:NANOBTC has shown some strength in recent days, breaking out from a descending wedge. The recent impulses over the last couple of days suggest a new broadening wedge (blue) but I believe this to be unlikely to hold for a few reasons:

Nano has failed to hold on to any gains following the two recent impulses
Other alts may outcompete nano in the short term, pulling away volume
Minor, but potentially impactful, exchange concerns in the short term
Risk that BTC loses strength and sparks additional bearishness

All of this could put nano into a wider downtrend channel (yellow) awaiting future breakout once short term concerns are overcome. Should nano escape this channel I predict two levels of fib resistance beyond 78k.

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Currently trading sideways within the ichimoku cloud, as might be expected on low weekend volumes. Day traders may want to prepare to trade this pennant, especially if short.

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Broke out from the pennant with reasonable volume

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Potentially "out of the pennant, into the pennant" here. Buy order book looks healthy though, so could be setting up for another impulse.

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Broke out from the wedge but still expecting some sideways trading. Next resistance level would be 78.5k but I suspect either sideways or back down. I'm now tracking as a triangle. Could also see a cup and handle forming so long as any correction is not too heavy.

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More sideways for nano. Quite easy to pick out some support and resistance lines now? Short still in play - note that I've added a more realistic (dotted) blue line based on the 1D chart...

Trade active

Feeling comfortable with a breakout from the historical downtrend channel. I've also indicated a potential new uptrend channel (solid blue lines).

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Seems that nano bounced off multiple support lines (most notably the 400hr EMA) and continues a cautious clime.

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Currently sat at my first resistance level in what looks like a bull flag. Nano would do well to push on and make this a support but let’s see... quite bought already so might have some consolidation just below first...

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Always tricky to find impulses but I've had a go...

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Sell momentum is remaining high. Got a feeling we could fall from the current pennant... (Yes, I entered my short a little early haha)

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Looks like I was wrong but instincts were right - the most frustrating trade! Had my stop set a little too tight...

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