These 2 Altcoins Have Created Bullish Continuation Patterns

NANO

NANO has increased by 60% over the past 13 days. The recent breakout was outlined by @CryptoNewton, who stated that NANO is in the process of breaking out from a descending channel and gave a target of 110 satoshis for the ensuing movement.

Indeed, the NANO price broke out from a descending channel earlier today. The breakout occurred with significant volume, increasing its legitimacy. At the time of writing, the price was trading inside the 10,000 satoshi resistance area, which previously acted as the top of the descending channel.

In the daily chart, we can see that the price has moved above two important resistance levels: The 9,500 satoshi major resistance area and the 200-day moving average (MA). In addition, while the RSI is overbought, it has yet to generate any type of bearish divergence. Therefore, it is likely that the upward move continues until the price reaches the next resistance area at 12,000 satoshis.

STEEM

STEEM has increased by 31% over the past four days. The possible breakout was outlined by @CryptoBoss1984, who outlined a descending wedge, which is considered a bullish reversal pattern.

In the short-term, the price has indeed broken out from a descending resistance line, even if the descending wedge is not entirely clear. Furthermore, the price is resting above the 2,360 satoshi support area, which acted as the high of the previous upward movement. There is some bullish divergence developing, which if it keeps growing, it could initiate an upward move towards the recent highs at 3,100 satoshis.

In the longer-term, we can see that the main resistance area is found at 3,000 satoshis, which rejected the price yesterday, creating a very long upper wick. Therefore, while the price could potentially increase all the way to this area, the chances of moving above it currently seem slim.