We were first presented with a momentum shifting structure which looked like an inverse head and shoulders with 4 shoulders, but then created 3 consecutive higher lows and higher highs to form the image of a three rising valleys structure.
We sprung from the resistance line and recently back tested the neckline as support. Our first target is the measure from the first low and first high from the three rising valleys. Our second target is a key resistance line from October of 2021.
If the asset falls below the third valley then the setup is invalid.
As a compliment, NEAR when compared to the BTC chart also looks bullish, so we could see NEAR outperforming BTC in the near future.
Overall, NEAR has had a strong uptrend in weekly scale compared to most altcoins so I'm expecting it to keep outperforming in the next few months.
We sprung from the resistance line and recently back tested the neckline as support. Our first target is the measure from the first low and first high from the three rising valleys. Our second target is a key resistance line from October of 2021.
If the asset falls below the third valley then the setup is invalid.
As a compliment, NEAR when compared to the BTC chart also looks bullish, so we could see NEAR outperforming BTC in the near future.
Overall, NEAR has had a strong uptrend in weekly scale compared to most altcoins so I'm expecting it to keep outperforming in the next few months.