2019-4-8 16:28 |
Nano is bullish over the short-term, with the NANO / USD pair advancing to levels not seen since November 14th, 2018 The NANO / USD pair is bullish over the medium-term after advancing above its 200-day moving average The daily time frame shows that a bullish inverted head and shoulders pattern is near completion Nano / USD Short-term price analysis
Nano has turned higher over the short-term, with the NANO / USD pair advancing to its highest trading level of the year and touching levels not seen since November 14th, 2018.
The four-hour time frame shows that a bullish inverted head and shoulders pattern has been triggered, with the pattern nearing its overall upside projection.
Technical indicators on the four-hour time frame have turned bullish and are continuing to generate a strong buy signal.
NANO / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should be aware that the inverted head and shoulders pattern across the four-hour time frame is starting to reach its overall bullish target.
Relative Strength Index
The Relative Strength Index is bullish on four-hour time frame, although bearish RSI price divergence is currently present.
MACD Indicator
The MACD indicator on the four-hour time frame remains bullish and is generating a strong buy signal.
Nano / USD Medium-term price analysis
Nano has a bullish medium-term outlook, with the NANO / USD pair gathering upside momentum above its trend defining 200-day moving average.
The daily time frame is showing that an inverted head and shoulders pattern has been triggered, with the bullish pattern approaching the overall upside objective.
Technical indicators on the daily time frame are also bullish and continue to signal further gains ahead.
NANO / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note that an even larger inverted head and shoulders pattern could take shape on the daily time frame if the NANO / USD pair trades towards the September 2018 swing high.
Relative Strength Index
The RSI indicator is bullish, although it is now approaching overbought conditions on the daily time frame.
MACD Indicator
The MACD indicator on the daily time frame has turned bullish and is generating a strong buy signal.
ConclusionNano has an improving technical outlook over both time horizons, with the NANO / USD pair growing increasingly confident above its key 200-day moving average.
With technical indicators still pointing to further upside, the cryptocurrency could extend past the overall upside target of the bullish inverted head and shoulders pattern on the daily time frame.
For a brief introduction to the DAG-based Nano currency, check out our coin guide.
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