This is my last chart update for the day. My previous analysis was on the USD pairing. Decided to do this next one on the chart.
What’s interesting about this pairing is that is still more than 100% up on its ratio since August. I had a feeling that would not drop much against , even if it dropped to the 3K-4K area. The reason for this is that unlike most cryptos, actually showed a strong reversal back in August, and has since maintained its new support in the 2500-2600 area. I did say in my last analysis that worst case scenario, I’d expect to test the low 2000 area (which has already happened since the selloff). We successfully tested those levels and are already back near previous strong support. This is pretty .
Now things are getting more interesting. I’ve speculated recently that the earliest the bear market could end would be early 2019 (late January, in particular). This happens to align with Bakkt, as well as the completion of NANOBTC’s potential adam & eve (green line on my chart). HOWEVER, we are approaching a big descending resistance (in pink), and if the market continues to look weak, we could drop back down to lower supports, and test the USD lows of $0.75. Based on my earlier analysis, I think it’s pretty unlikely that we go below $0.75, as buying strength in that zone is ENORMOUS. However, we can’t rule it out if decides to test below 3K. The NANOUSD chart doesn’t look nearly as good, but it also has a decent chance for a (although more extreme).
My bias is long right now (added a small amount in the current $1-$1.10 support), but of course we can fail at resistance. Based on what seems like accumulation in this area, I think it is more likely that we break out, but what do I know? We’d need to get above 2650 and 2700 for starters. After that, 3000 would be the next target for . I would then expect the new rounded bottom to complete, and the entire crypto bear market to reverse along with it. I see as a major gauge of investor sentiment for this space, since it’s one of the more hyped coins in the market, due to its advantages over and new speculators betting on it to gather a bigger share of the crypto market as adoption accelerates.
There is a case to be made for a multi-year bear market. In this case, my idea will be invalidated.
Support:
2200
2400
2500
Resistance:
2650
2700
3000
3400
4000
5600
6000
This is not a recommendation to buy or sell, nor am I a professional financial advisor.
-Victor Cobra
Previous analysis:
Published at Sun, 02 Dec 2018 01:13:35 +0000
