Trade Recommendation: NANO/Ethereum
NANO/Ethereum (NANO/ETH) is a relatively new market as it registered the first daily candlestick on February 2, 2018. This first daily candle has significantly contributed to the pair’s recent downtrend. While NANO/ETH went as high as 0.029987 on February 2, it closed at 0.018412. This created a bearish shooting star candlestick indicating the dominance of sellers.
Technical analysis show that the NANO/Ethereum market is creating a bullish continuation pattern after breaking out of a rounding bottom reversal pattern at 0.012. Currently, the pair is locked in a range between 0.014 and 0.0175. While it consolidates, you have some time to enter at an optimal price point.
The strategy is to buy the breakout at 0.0175. The pair needs 1.6 million units of NANO to validate the breakout. Either way, we have a target of 0.022. The process can take a month.
Daily Chart of NANO/Ethereum on Binance
As of this writing, the NANO/Ethereum pair is trading at 0.017875 on Binance.
Summary of Strategy
Buy: Breakout at 0.0175 with 1.6 million units of NANO
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.