Blessings family of traders, may you are well and in peace, and hopefully having some nice profits today. I want to share you the potential of NNEAR/USDT Futures which has been holding nice the support level between $8.6 and $8.8. If it manages to reject this area by the end of the day, the immediate resistance level would be between $9 and $9.1. Right now, we are having a breakout of the support, however, we need to give some room for the price to show if it is a false breakout or just a shift in the direction of the trend.
How can we double check where the price is possibly going? (Key word "possibly" because you can't predict what the market will do, but of course, you can have a very educated guess with the proper TA and FA)
Well, taking a closer look at the RSI of the 1H chart the price looks oversold/undervalued, which is a buying call once the blue line (buyers) crosses up the red one (sellers). However, the MACD is maintaining the bearishness. I would wait till both indicators are moving in the same direction, and with a volume greater than the MA with a full candlestick closing above the $9 resistance.
If the price keeps droping under the support level of $8.6 and it consolidates under it, I would use the same indicators as mentioned before to take an entry once the price fully closes above $8.6, making sure that when this happens is with a big volume.
In the 1D chart, the price doesn't look too much oversold/undervalued in the RSI, and the MACD is bearish, so we could still see some drop in the 1H chart. Don't chase the trade, but plan it, use the alerts of Trading View, and share any questions or thoughts.
I would suggest a SL using Trailing Order with 5%.
This is not financial advice but for educational purposes only. Always do your own diligent research.
NEARUSDTPERP
How can we double check where the price is possibly going? (Key word "possibly" because you can't predict what the market will do, but of course, you can have a very educated guess with the proper TA and FA)
Well, taking a closer look at the RSI of the 1H chart the price looks oversold/undervalued, which is a buying call once the blue line (buyers) crosses up the red one (sellers). However, the MACD is maintaining the bearishness. I would wait till both indicators are moving in the same direction, and with a volume greater than the MA with a full candlestick closing above the $9 resistance.
If the price keeps droping under the support level of $8.6 and it consolidates under it, I would use the same indicators as mentioned before to take an entry once the price fully closes above $8.6, making sure that when this happens is with a big volume.
In the 1D chart, the price doesn't look too much oversold/undervalued in the RSI, and the MACD is bearish, so we could still see some drop in the 1H chart. Don't chase the trade, but plan it, use the alerts of Trading View, and share any questions or thoughts.
I would suggest a SL using Trailing Order with 5%.
This is not financial advice but for educational purposes only. Always do your own diligent research.
NEARUSDTPERP
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.