If a breakout above the dashed blue occurs (17000) that could send NANO up to test the bottom of the "big ." If you're wondering why this area is resistive, it's because of the action on the first two candles. You can see that they both have long wicks on the top, which indicates heavy distribution. In areas of distribution, there is a lot of selling that occurs. Therefore, we must be cautious of further selling pressure in that area. With that being said, if NANO eventually breaks above the big , that would be a very sign, and (for educational purposes only) a technical buy signal. However, we're aren't even near the bottom of the yet. So, for now, we can focus on the development of this bowl formation. The is attempting to form a weak crossover, and the is mostly , so the underlying buy pressure appears to be healthy. Continue to use the 20 , as an indicator of sustained strength, and monitor the development of the bowl. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
Ty and mr poop