A NEAR Perfect Entry

Nov 13

I'm back with another bull market outlook, this time focusing on NEAR Protocol. This setup follows a straightforward structure, closely aligning with recent patterns we’ve observed in Bitcoin and XRP. NEAR has been in a descending channel for the past eight months, and it now presents an ideal opportunity to enter into LONG positions, targeting a breakout from this channel.

Currently, NEAR is testing the upper range of support within the channel, an area where we’ve seen previous reversals in similar assets like XRP and BTC. Typically, after testing this level, prices are primed for a substantial upward movement. The current entry point offers a high-probability setup with a tight stop-loss potential, ensuring an attractive risk-to-reward ratio.

Capitalizing on these bull market rallies is key, and NEAR is no exception. Take advantage of the setup, and as always, trade wisely. Good luck!

Nov 13

Trade active

The trade is active from 5.08
The following charts for BTC and XRP show the ideas we are hoping to follow.

Nov 13

Note

Nov 13

Note

Note that in both BTC and XRP, price touched the top of the channel before returning to this upper range support for a reversal—just as we have observed so far with NEAR. This pattern suggests a tested setup.

Nov 14

Note

After price has made it way back to the top of the local range on LTF, a small reversal has formed bringing another opportunity to enter the trade, or add more. With this we can confirm the local structure with 3 reversals off the top of the trend, allowing us to set a very tight SL at 4.95 - 4.9. Good luck!

Nov 14

Trade closed: target reached

NEAR now trading above the pennant. Hoping bulls can bring in some volume

Nov 20

Note

Not sure why this says trade closed, accident while updating the idea I suppose. Mid week update technicals are still strong and I see no reason to consider closing here. Over the last few days, capital inflows into BTC have significantly outpaced ETH and most other altcoins. However, with ETH breaking down from its bearish structure and quickly recovering, I anticipate this will help restore investor confidence in altcoins. Consequently, NEAR is likely to maintain its current uptrend and potentially transition into a full-scale rally, assuming ETH can follow through.