NEAR/USDT — A Dump After Bitcoin’s DropNEAR, like almost any top 100 altcoin by market cap, reacted very sharply to the recent fall of Bitcoin. Such a strong drop of the first cryptocurrency may well lead to another market correction, and as such, one should be very careful with long positions. Nevertheless, in this situation it makes sense to buy back the dip and open a long position to benefit from a bounce of NEAR in the short term.
Two major support levels are currently marked with red lines on the chart. Locally the coin is likely to continue moving in the downtrend marked by the white line. After the last downtrend, NEAR corrected to the 0.236 Fibonacci level. Given the fact that the RSI indicator has entered the oversold zone it makes sense to expect NEAR to bounce soon to at least one of the profit taking zones. Presumable trajectories of the asset's price movement are marked with blue lines. We also recommend placing a stop loss in the area below the last support level.
Use the GRID Bot by 3Commas to benefit from this strategy. Simply follow the steps below:
Head over to the GRID Bot by choosing it from the main menu in your 3Commas account;
Select the USD Market and the NEAR/USD pair;
In the GRID Bot tab, go to the Manual strategy settings;
Set the upper limit price to $3.73 and the lower limit price to $2.05;
Number of grid lines: 10;
Click the Create button.
Best of luck, and happy trading!
-The 3Commas Team
