Near Mid Term Long Play (OVERSOLD IMO)BINANCE:NEARUSDT CRYPTOCAP:NEAR
Hi, TradingView
I hope those who celebrate Thanksgiving are enjoying the start of their long weekend!
I come to you today with an analysis on a coin that has been on my watchlist for a little while now. That is, NEAR.
I am looking at ONLY the daily chart since this will be a middle term play. I am not planning on holding this for a longer term. Hence
the low price targets when looking at the overall daily chart.
Lets get onto the analysis: Near has been in a descending wedge since August of this year currently near is at the bottom of the channel,
a good place to enter into a long position. In this channel it is also in a descending triangle which as I am writing this is being broken
out. However there is a very strong resistance which we will need to break to meet the rest of our price targets. I have included on this
chart a TSI indicator. As we can see, historically when the TSI reaches the level it is at NEAR is severly oversold. There is also a crossing
this crossing is considered BULLISH but keep in mind it is still below the middle line meaning that the BEARS are still in control.
I have opened a position in this coin before posting this thread, my position is LONG
Entry: 1.6
Stop Loss: Drop out of channel and confirmation ON DAILY CHART
Price Target 1: $2.3
Price Target 2: $3.0
Price Target 3: $3.3
Price Target 4: Let the rest run and move stop loss to PT3, or PT2
