Weekly Cryptocurrency Update: Nano - March 8th

Today I will be going over the charts and forecasts of Nano. These last couple days have been exciting in the crypto markets as prices plunged across the board with many of the cryptocurrencies falling 10-20% within hours.

Looking at the 2 hour view on Nano we can see that we are still on a major downtrend as price has yet to break out of the resistance line. Looking at the Fib lines, we can see we are coming to an important juncture which we will meet within the next day as Nano will have to decide which barrier to break. Whether it breaks the .5 retracement level or breaks out of the trend is anyone's guess and I will be waiting on the sideline until I see resolution.

If it does break to the downside look for a nice rebound off the .618 that you might be able to play. If it breaks the resistance and downward trendline expect to see a pull back towards the now support line and look for your entry point there. As always have a good day and good luck trading.