2019-7-26 16:22

Nano has a bullish short-term outlook, with the NANO / USD pair moving back above key technical resistance on the four-hour time frame The four-hour time frame shows that a bullish inverted head and shoulders pattern is forming The daily time frame shows that buyers have move price above the neckline of a head and shoulders pattern Nano / USD Short-term price analysis

Nano has a bullish short-term trading bias, with the cryptocurrency now trading back above key technical resistance on the four-hour time frame.

The four-hour time frame shows that a bullish inverted head and shoulders pattern has formed, following a bullish breakout from a neutral triangle pattern.

Technical indicators on the four-hour time frame remain bullish, although they are starting to appear overstretched.

NANO / USD H4 Chart by TradingView

Pattern Watch

Traders should note that the NANO / USD pair could soar in value if the inverted head and shoulders pattern across the four-hour time frame is triggered.

Relative Strength Index

The Relative Strength indicator is bullish on the four-hour time frame, although it is now starting to correct from overbought conditions.

MACD Indicator

The MACD indicator on the four-hour time frame remains bullish and continues to generate a buy signal.

Nano / USD Medium-term price analysis

Nano has a bullish medium-term trading bias, with the NANO / USD pair recovering back above its trend defining 200-day moving average.

The daily time frame shows that the cryptocurrency is attempting to stage a major recovery, with price now trading back above the neckline of a large head and shoulders pattern.

Technical indicators on the daily time frame are also bullish and continue to issue a buy signal.

NANO / USD Daily Chart by TradingView

Pattern Watch

Traders should note that the head and shoulders pattern on the daily time frame remain valid and has yet to reach its overall bearish target.

Relative Strength Index

The RSI indicator on the daily time frame is bullish and is now issuing a strong buy signal.

MACD Indicator

The MACD indicator on the daily time frame is bullish and continues to generate a buy signal.

Conclusion

Nano has staged a strong upside recovery, with the recently created bullish pattern on the four-hour time frame changing the technical dynamics in the short-term.

If bulls can continue to hold the NANO / USD pair above key support on the daily time frame, the cryptocurrency may soon make a move to invalidate the bearish head and shoulders pattern.

Check out our Nano coin guide for a quick introduction to the project.

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