merchants_of_near

merchants_of_near

Market Update: BTC is still in his range around $51900 & $42300. To regain a bullish momentum on BTC we would need to break above $51995 if that happens we should be heading to around $55500. After that around $58000 & $63000. On the NEAR/USDT pair we regained a bullish momentum this week with an increase of 32% at around $11.84. It’s been 6 weeks since we...

merchants_of_near

Hello Merchants of Near! We noticed that the price of NEARUSDT couldn’t stay longer in the consolidation zone due to a greater bullish bias which saw price break through the $10.2 weak resistance today and heading for the pivotal price position at $11.3 We could see price hitting this pivotal point which would trigger a more bullish bias and bring price to the...

merchants_of_near

Hello Merchants!!! Let’s look at the NEARUSDT 4H chart to spot regions tradable for profitability. The chart structure above shows a persistent upward trend with some bearish corrections. In the past months we haven’t had the price of NEAR at values as low as $6 until the last dump that occurred on the 4th of December. Actually, the sell off was huge and...

merchants_of_near

Hello Merchants! The NEARUSDT 1Day chart above shows a continuous price rejection after hitting an ATH. This rejection is supposed to consolidate at the $8.5 level as estimated by the volume weighted average price over the data period. For price to remain at the $8.5 level, this means point A is a lower low while point B will be a higher low hence the resumption...

merchants_of_near

Hello Merchants! Here is another trend based analysis of the NEARUSDT chart. Trend lines AB and GE showed a bearish trend which got exhausted at point C and E. A bullish trend began at C and E which can be seen with the trend lines CD and EF. We saw from last analysis that there were two price triggers. Bullish trigger at $10.5 and bearish trigger at $8.9. The...

merchants_of_near

Market Update: By the 31st of December there are chances that we close between $42.000 & $48.000 on BTC because of the expiration on the options. There is a potential divergence in the momentum which means that the sell off is slowing down and we could potentially have a small leg upwards. On the NEAR/USDT pair we stay bullish long term. The first stop between...

merchants_of_near

Hello Merchants! The NEARUSDT 4H chart above has a trend determining pattern which we may not detect on the 1W chart. Currently, the candlesticks are resting on the support trend line corresponding to the support level at $8.9 and we could have a strong bearish trigger if the candlesticks break through that tend line. Alternatively, if we get a bounce off away...

merchants_of_near

Hello Merchants! This is the 1Day NEARUSDT chart showing the retracement from the most recent pump. The point B is a replicated resistance level test as the point A. This price action replication should leave price within the $9.7 and $11.4 zone this week. The Fib retracement levels are clear that price should bounce back in the bullish direction from $9.7...

merchants_of_near

Hey Merchants! it’s nice to have you here today. Let’s look at the weekend dump and it’s subsequent consequences. Before the weekend dump, we left a prediction that price will dump to values below $7.9 following the 4H chart. We had a more serious dump than we expected. The weekend dump should be a forced dump following a massive sell from hodlers who took huge...

merchants_of_near

Hello Merchants! Here’s another weekend analysis on the possible price positions for the coming week. Near protocol started off this week trying to recover from the huge dump that occurred over the last weekend but still appears to be under siege. Here is a merged 1Day and 4H charts for both intraday traders and swing traders. Long term hodlers can follow up...

merchants_of_near

Hello Merchants! Here’s another price action analysis of the Near protocol asset. I’m delighted to have this session with you. The chart above is the 1Day timeframe responding positively to our last prediction that price could hit the support level at $7.6 this week. Price already tested the support level at $7.6 and returned upwards thereby creating a new...

merchants_of_near

Market Update: BTC is still in his range on the daily timeframe between $60.000 and $55.600. As long as we don’t have a resolution downwards or upwards we will stay in this range. As discussed earlier this week this could change on Friday when options will expire and we could get out of the range on Friday. Yesterday NEAR attempted to break his range at $9.89...

merchants_of_near

Market Update: BTC is still in his range around $60.000 and $55.600 if we lose this level we will go down to lower levels. We’ll probably stay in this range at least until Friday where we have options expiring around $58.000. It wouldn’t surprise us if we see the price going to $62.000 during the weekend. On the NEAR/USDT on the daily timeframe we can identify a...

merchants_of_near

Hello Merchants! Here is another analysis of the Near protocol from the weekly perspective. We will see reasons why the Near protocol asset had to be bearish for a couple of days and weeks now and also make projections of where the asset's price should be in the coming weeks. The Andrew's pitchfork is used here to estimate the likely reach of Near protocol...

merchants_of_near

Market Update: Yesterday we spoke about the fact that BTC would have a big move when looking at the momentum chart. Today that is exactly what happened and BTC took the entire market downwards. In the long term we are still bullish though so there is no reason to panic. On the NEAR/USDT we broke the range downwards that we were in between $11.88 and $10.42. As...

merchants_of_near

Market Update: Having a look at the market we can see that BTC is preparing a big move on the momentum chart. On the volatility side it is going lower at the moment so we won’t see BTC having a huge move to the upside. Only if BTC gets a high volatility again will we see BTC go to 100K. On the NEAR/USDT pair we can see that NEAR tested the $11.88 dollars we...

merchants_of_near

Here the 4H chart is in view and we will be using the resistance level, resistance line, support line and support level to predict the price movement. Two scenarios will be considered: 1. Price breaking through the resistance line 2. Price breaking through the support line For the first scenario, if price breaks through the blue resistance line CB, then it is...

merchants_of_near

Market Update: Looking at the market we can see that it took a breather from the upside it had in the past days since BTC’s and ETH’s new ATH. It can’t go up eternally and we need to pause to get back up again. Let the market slow down a bit, it’s only that way we will relive a sort of 2017. At the moment we have a range on the daily around $11.88 and $10.42....