NANOETH Looking Bearish
Aktualisiert
Some simple, practice TA leads me to believe NANOETH -7.03% -7.03% could be on it's way down further. What do you think? Discuss!
On the 4hr it had a tiny bounce off a weak support (top orange) and headed down further to the next support, which appears stronger. However, it broke the upward trend line a while back and appears to be forming a clear Head & Shoulders pattern. The right shoulder isn't perfectly clean as it has two peaks so one could argue that the right shoulder was the first peak or maybe it's not a H&S at all, but looking at the larger picture I think it's fitting.
On the 4hr it had a tiny bounce off a weak support (top orange) and headed down further to the next support, which appears stronger. However, it broke the upward trend line a while back and appears to be forming a clear Head & Shoulders pattern. The right shoulder isn't perfectly clean as it has two peaks so one could argue that the right shoulder was the first peak or maybe it's not a H&S at all, but looking at the larger picture I think it's fitting.
Anmerkung
After some brief bouncing around between the two possible support lines (orange) the price broke through the 2nd (lower) one, retested it briefly (easier seen in 1hr or less candles) and headed down again.We may seem some brief bounces / pauses at some other possible support levels (not drawn as they are unclear / weak in my opinion) but ultimately I feel we won't have a major reversal until the red, major support line at best.
However, this is crypto so anything can happen.
Anmerkung
Next possible support would be roughly around 0.014800. Best seen on 1hr or 30min timeframes. That could provide reasonable support, but still a long way down to the major red support.
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