NANO Retracing, how long until ATH?
I'm long on NANO as I bought very early and think the project has a bright future. I'm fairly new to trading crypto but have been learning fast and have been developing a strategy for all of my holdings.
NANO is a big one and I learned my biggest lesson by not taking profits when it was flying high at 268k sats; a lesson that I don't want to learn more than once! I think the most valuable advice I've picked up is about scaling in and out of a trade. I have lost money and left a lot on the table by trading in and out with full positions so I've developed a strategy to play with a percentage of my NANO portfolio.
For a while it looked like the controversy over the BitGrail 170m loss issue was going to drag NANO down to seriously low levels; at one point it looked like it was on course for 40k sats but it reached a bottom at around 61k and bounced back to 100k. The bounce was aligned to two significant positive news stories: first, the beta Android app was released, and second, a tweet from Garry Tan with a short video showing the ridiculously fast transaction time from wallet to wallet. The strength of NANO is in the technology, it could be huge!
Despite the bounce back, at the moment of publishing, the RSI is super high on all time frames and having touched 74 on the 4 hour my prediction is that it's ready for a bit of a pull back. I've already executed a few sell orders between 95-100k and will be looking for a pull back to to the 70-80k range before scaling back in.
Here's my thinking:
Sell orders (all filled):
- 90k (20% of position)
- 95k (30%)
- 100k (50%)
Buy orders:
- 80k (20%)
- 77.5k (30%)
- 72.5k (50%)
Probably wouldn't pout a stop loss on this one as it should definitely bounce back and I'm sick of getting stopped out, but if I was going to place one it would probably be at around 61k as I doubt it will reach that bottom again, but if it did it may push much further down.
What does everyone think? I'm I over thinking the trading strategy or would this be a sensible scale in/out approach? Totally new to this so any feedback would be most welcome :)
Best, The Edje
NANO is a big one and I learned my biggest lesson by not taking profits when it was flying high at 268k sats; a lesson that I don't want to learn more than once! I think the most valuable advice I've picked up is about scaling in and out of a trade. I have lost money and left a lot on the table by trading in and out with full positions so I've developed a strategy to play with a percentage of my NANO portfolio.
For a while it looked like the controversy over the BitGrail 170m loss issue was going to drag NANO down to seriously low levels; at one point it looked like it was on course for 40k sats but it reached a bottom at around 61k and bounced back to 100k. The bounce was aligned to two significant positive news stories: first, the beta Android app was released, and second, a tweet from Garry Tan with a short video showing the ridiculously fast transaction time from wallet to wallet. The strength of NANO is in the technology, it could be huge!
Despite the bounce back, at the moment of publishing, the RSI is super high on all time frames and having touched 74 on the 4 hour my prediction is that it's ready for a bit of a pull back. I've already executed a few sell orders between 95-100k and will be looking for a pull back to to the 70-80k range before scaling back in.
Here's my thinking:
Sell orders (all filled):
- 90k (20% of position)
- 95k (30%)
- 100k (50%)
Buy orders:
- 80k (20%)
- 77.5k (30%)
- 72.5k (50%)
Probably wouldn't pout a stop loss on this one as it should definitely bounce back and I'm sick of getting stopped out, but if I was going to place one it would probably be at around 61k as I doubt it will reach that bottom again, but if it did it may push much further down.
What does everyone think? I'm I over thinking the trading strategy or would this be a sensible scale in/out approach? Totally new to this so any feedback would be most welcome :)
Best, The Edje
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