Desciption chart setup: - Possible short formed W (RSI trendbreak confirmed 4h) - Descending triangle formation for a possible wave 4 (Retracement fib target reached 0.382) - Target box laid out in chart
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Setup depends on bitcoin's price action, keeping a close eye on the formation of a possible wave 4
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Bitcoin just pierced the 0.5fib retracement. Official invalidation at $68754.
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Bitcoin easily broke the 0.618. Possibilities for bullish continuation just increased. Reassessing new wave count.
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Invalidation for more downward pressure at $64512.
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Broke trendline. Looking impulsive with volume.
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Still indecisive whether this is corrective or a finished wave 3. Wave 3 did hit the 1.618fib level. Invalidation level at $6.836.
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My main scenario a wave X, perhaps a larger triangle.
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Breaking $6.821 will lead to lower prices.
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Keeping this BTC scenario in mind whilst eyeing NEAR's price action.
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Potential subwave B completion
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A bit of speculation. RSI does not yet support a triangle.
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That escalated quickly! Wave Y started sooner then I hoped..
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This was bound to happen at some point, but when it hits it hits HARD. Hope everybody executed their trading plan. This correction can be very quick and deep.
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Remain short-term bearish unless we break $5.758.
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Adjusted count to one more leg down.
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Update. Based on the current corrective structure, I forsee one more low for a finished wave Y/wave 4 (minuette). However, there is a clear invalidation level at $4,026, that makes it unlikely to touch the 1.236 & 1.618fib. Unless ofc this is not a wave 4. For the low to be in a double bottem (or truncated 5th) will confirm bullish momentum.
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Would be suprised if NEAR would follow Bitcoin's price movement and break out to the upside.
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Low might be in for Bitcoin.
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Previous chart was incorrectly labelled. The ending diagonal appears in Wave C of a zigzag. Wave 3 is shorter than wave 1, wave 5 is shorter than wave 3, and wave 3 is shorter than wave 2.
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I retract my comment from the 18th, because I do see a possibility for NEAR to have bottomed.
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Focused to much on the smaller timeframe. Expected a potential wave 4. However, wave 4 got invalidated (diagonal seems far fetched) as well as varies ABC structures. A 1-2, 1-2 setup might now be possible, but I can't rhyme this with Bitcoin's chart unless BTC lifts off.