• The short-term is in a downtrend while the medium-term outlook is in a range-bound market.
• Patience is required trading the range.

NANO/USD Medium-term Trend: Ranging

Supply zones: $1.80, $1.90, $2.00
Demand zones: $1.00, $0.80, $0.60

NANO is in a range-bound market in the medium-term outlook. The bears kept the pressure strong with a break down at the lower demand of the range. The coin fell further to $1.40 in the demand area as bearish exhaustion sets in with the candle closed within the range as bullish hammer an indication of bulls returned.

The bulls maintained the momentum as the market opens today at $1.45 with a large candle and NANAUSD rose to $1.50.

The journey to the upper supply area may have begun as confirmed by the signal of the stochastic oscillator signal pointing up at 28% which is an indication of upward momentum in price of the cryptocurrency within the range in the medium-term.

$1.65 is the upper supply area of the range while $1.45 is the lower demand area of the range. Traders should be patient and wait for price breakout or breakdown with a retest before taking a position.

NANO/USD Short-term Trend: Bearish

The cryptocurrency continues in the downtrend in the short-term outlook. The bears kept the pressure down south during yesterday session breaking the previous at low at $1.47 as predicted. NANO was down to $1.41 in the demand area as the low of the day closing as a bullish spinning top an indication of bulls gradual returned.

The resistance at the 10-EMA was broken as the bulls sustained the momentum pushing price initially up to $1.49 and later to $1.50 below the 50-EMA after today’s opening session.

Price is between the two EMAs and at the 38.2 fib area a trend continuation zone. It implies that the bears may resume the downtrend with a signal of upward price rejection at the 50-EMA in the short-term.

$1.41 in the demand area may be rested and a break may occur as the bears' journeys to $1.38.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research