Has NANO Already Reached a Bullish Phase?

Nano (NANO) Highlights

• NANO has completed a double-bottom pattern.
• There is resistance at 12,000 satoshis and 14,000 satoshis.
• The price is possibly trading inside an ascending channel.

Crypto trader @MacnBTC posted a NANO price chart stating that if the price manages to break out above the 11,600 satoshi resistance area, he will enter a long trade with a target at 21,600 satoshis. https://twitter.com/MacnBTC/status/1227518982170857472

Double-Bottom

In the period between Jan 14-29, the NANO price successfully completed a double-bottom pattern near 7,500 satoshis. The double bottom is considered a bullish reversal pattern and was combined with a bullish divergence in the RSI. After the breakout, the RSI moved above 50, confirming that the NANO price is in an upward trend. Since then, the price has been moving towards the next resistance area at 12,000 satoshis with minimal retracement.

Ascending Channel

The price had been trading inside an ascending wedge (dotted) but broke down on Feb 7. The decrease after the breakdown was brief, and the price reclaimed the breakdown level and continued to reach new highs. This is a strong bullish sign, since the lower price levels could not be sustained. In addition, it looks as if NANO is now following an ascending support line and possibly trading inside an ascending channel. The price is currently at the resistance line of this channel. The six-hour RSI has generated bearish divergence, so a move towards the support line of the channel seems likely. The medium-term bearishness is highlighted by the creation of several upper wicks near this resistance line. If the decrease occurs, it would offer the optimal level to enter the trade in anticipation of a breakout. As long as the price is trading inside this ascending channel, the price movement is considered bullish and a breakout is expected.

NANO Long-Term Movement

The long-term outlook is quite bullish since the price has broken out above a 518-day resistance line and has yet to move upwards considerably. However, there is very strong resistance at 14,000 satoshis, both from the 50-week MA and a previously significant support level. So, the price is expected to retrace a bit if it gets back to this level. To conclude, the NANO price has successfully completed a double-bottom pattern and has been moving upwards since. The move will likely continue at least until the price reaches the 12,000 satoshi resistance area and possibly more.