- The short and medium-term outlook is in a bearish trend.
- Responsible selling recommended at key areas.
NANO/USD Medium-term Trend: Bearish
Supply zones: $1.80, $1.90, $2.00
Demand zones: $1.00, $0.80, $0.60
NANO remains in a bearish trend in the medium-term outlook. The target at $1.00 in the demand area predicted during yesterday session was attained after and a further drop to $0.9911 before the end of the session.
Today’s 4-hour opening price at $1.10 sustained the bears’ pressure with the candle closing as a bearish spinning top an indication of sustained bearish momentum.
The bears may continue the journey down south with price below the two EMAs and the stochastic oscillator signal pointing down at 43% suggesting continuation in price downward movement in the medium-term.
$0.9752 in the demand area which is the 78.6 fib area is the bears’ target as the pressure becomes stronger.
NANO/USD Short-term Trend: Bearish
The cryptocurrency continues in a downtrend trend in the short-term outlook. The bears were dominant during yesterday session breaking out of the minor correction as the cryptocurrency drops to $1.00 in the demand area. This was low of the day.
The long wick in the candle suggests bearish exhaustion as the bulls pushed price back up to $1.16.
The railroad formation as the market opens today at $1.12 implies the bears are back in control for another downward price movement.
Price is down at $1.07 in the demand area below the two EMAs. The signal of the stochastic oscillator pointing down at 18% in the oversold region suggesting downward continuation in price as the pressure on the coin increases by bears.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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