Chart Pattern Analysis Of Near/USD
K3 break up the upper limit of a potential bullish triangle pattern under increased volume,
It reversed the larger scale horizontal trend.
So, I bought it at 8.06.
If the following candles consolidate here for days,
It is still a good place to increase long positions.
The potential support at about 7.74-7.86.
Long-8.06/Stop-7.5/Target-16
Long-7.86/Stop-7.5/Target-16
Comment:
After K0 break up the neck line,
K2 and K3 return back immediately,
It seems to be a fake up behavior.
If the following candles retest the neck line under high supply pressure,
The short-term bear market will be established.
If the following candles break up the neck line,
And consolidate for days,
It is also very likely that another bull run starts here.
After K0 break up the neck line,
K2 and K3 return back immediately,
It seems to be a fake up behavior.
If the following candles retest the neck line under high supply pressure,
The short-term bear market will be established.
If the following candles break up the neck line,
And consolidate for days,
It is also very likely that another bull run starts here.
Comment:
K2 is a strong bearish signal here,
If the following candles close below the support,
The risk will sharply increase.
I will consider to exchange Near to BTC.
If K3 stay upon the support or close upon K1,
I will still hold more Near than BTC.
K2 is a strong bearish signal here,
If the following candles close below the support,
The risk will sharply increase.
I will consider to exchange Near to BTC.
If K3 stay upon the support or close upon K1,
I will still hold more Near than BTC.
Trade closed: stop reached:
The nearest 5 candles are a group of smooth dropping to close below the neck line.
The risk increase here.
Is it a final expand of a large scale consolidation ?
Or is it a start of larger scale downtrend ?
I don’t know.
I choose to cut loss here and exchange all my Near to BTC,
It is my failure to jump into the coin too early to bet a new bull run.
The nearest 5 candles are a group of smooth dropping to close below the neck line.
The risk increase here.
Is it a final expand of a large scale consolidation ?
Or is it a start of larger scale downtrend ?
I don’t know.
I choose to cut loss here and exchange all my Near to BTC,
It is my failure to jump into the coin too early to bet a new bull run.
Comment:
It seems that the short-term downtrend had been interrupted by the bullish engulfing candle K3.
If K4 close upon K1 to verify the bullish momentum,
I will try to buy in.
If the potential weakness of the short-term downtrend verified by the following candles,
I will also try to buy in.
It seems that the short-term downtrend had been interrupted by the bullish engulfing candle K3.
If K4 close upon K1 to verify the bullish momentum,
I will try to buy in.
If the potential weakness of the short-term downtrend verified by the following candles,
I will also try to buy in.
Comment:
From K1 to K3,
The supply pressure is increasing,
It verified the strongeness of the resistance.
So, it is likely that a potential short-term downtrend from K0 had started earlier.
If the following candles close upon K3 or the resistance to interrupt the bearish momentum,
It still likely that another bull run will start here.
But at present, the possibility is relatively low here.
If the following candles close below the lower limit of the wedge,
A sharp drop will likely happen and the potential support at 6.0 USDT.
I will try to buy it there.
From K1 to K3,
The supply pressure is increasing,
It verified the strongeness of the resistance.
So, it is likely that a potential short-term downtrend from K0 had started earlier.
If the following candles close upon K3 or the resistance to interrupt the bearish momentum,
It still likely that another bull run will start here.
But at present, the possibility is relatively low here.
If the following candles close below the lower limit of the wedge,
A sharp drop will likely happen and the potential support at 6.0 USDT.
I will try to buy it there.
K2 tested the resistance for a third time under low volume,
If the bear market want to expand,
K3 must close below K2 or the support immediately,
I think the possibility is relatively low here.
K2 failed to close upon the resistance,
It is more likely that the consolidation triangle had not ended yet,
It is possible that another bull run will be ready after K3 test the support.