Today’s analysis- NEARUSDT- trading above Local S/R, a confirmed retest and hold in bullish.
Points to consider, - Price action impulsive - Local S/R Support (.382 Fibonacci Confluence) - Swing High Target - RSI Bullish Control Zone - EMA Ribbon Support
NEARUSDT’s immediate price action is impulsive above Local S/R, trading above these regions will allow us to have a bullish bias on the market.
Local S/R is current support that is in confluence with the .382 Fibonacci, a back test is likely to respect the level on first attempt.
The immediate target is swing high; exceeding this level increases the probability of trend continuation.
Current RSI is trading in its bullish control zone; remaining in these area is indicative of strength in the immediate short term.
The EMA Ribbon has confirmed a bull cross, maintaining price action is indicative of a trend.
Overall, in my opinion, NEARUSDT is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes
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.