NEAR 3 wave
Here we go, everyone, a chart on NEAR, as many have requested.
NEAR is in a strong uptrend well above its two means of 50 days MA and 200 days MA. By dividing the price pattern in waves, we can appreciate that NEAR is well into the 3rd wave of primary degree. This has started earlier compared to other crypto and BTC. As you can see from the chart, I am now expecting a retracement around the 21-22 area due to be the 160% extension of manor wave 1, the usual target for wave 3. After that, I expect a retracement to around 14-15, which correspond to the 0.38 of minor wave 3. It is also where the last correction (Flat, ranging) is before the new all-time high. There will also probably sit the 50MA. If the price there will break by 13$, we can expect a revisit of the middle of the EW channel around 10.
As you can appreciate, I then expect NEAR to go to 31.
Also, we can notice a bearish divergence unfolding on the daily frame. However, I would wait for a new high to settle in with a bearish pattern before playing this divergence.
Volume has also picked up the pace on the break-out, which gives confidence about the move. However, always remember to wait for confirmations and place your stop losses.
I wouldn't enter now but wait for a meaningful retracement.
FOLLOW ME, SHARE, LIKE AND COMMENT
NEAR is in a strong uptrend well above its two means of 50 days MA and 200 days MA. By dividing the price pattern in waves, we can appreciate that NEAR is well into the 3rd wave of primary degree. This has started earlier compared to other crypto and BTC. As you can see from the chart, I am now expecting a retracement around the 21-22 area due to be the 160% extension of manor wave 1, the usual target for wave 3. After that, I expect a retracement to around 14-15, which correspond to the 0.38 of minor wave 3. It is also where the last correction (Flat, ranging) is before the new all-time high. There will also probably sit the 50MA. If the price there will break by 13$, we can expect a revisit of the middle of the EW channel around 10.
As you can appreciate, I then expect NEAR to go to 31.
Also, we can notice a bearish divergence unfolding on the daily frame. However, I would wait for a new high to settle in with a bearish pattern before playing this divergence.
Volume has also picked up the pace on the break-out, which gives confidence about the move. However, always remember to wait for confirmations and place your stop losses.
I wouldn't enter now but wait for a meaningful retracement.
FOLLOW ME, SHARE, LIKE AND COMMENT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.