NEARUSDT Double Bottom| Local S/R| Swing High| EMA Ribbon

20 нояб. 2020 г.

Evening Traders,

Today’s analysis- NEARUSDT- trading above Local S/R, a confirmed retest and hold in bullish.

Points to consider,
- Price action impulsive
- Local S/R Support (.382 Fibonacci Confluence)
- Swing High Target
- RSI Bullish Control Zone
- EMA Ribbon Support

NEARUSDT’s immediate price action is impulsive above Local S/R, trading above these regions will allow us to have a bullish bias on the market.

Local S/R is current support that is in confluence with the .382 Fibonacci, a back test is likely to respect the level on first attempt.

The immediate target is swing high; exceeding this level increases the probability of trend continuation.

Current RSI is trading in its bullish control zone; remaining in these area is indicative of strength in the immediate short term.

The EMA Ribbon has confirmed a bull cross, maintaining price action is indicative of a trend.

Overall, in my opinion, NEARUSDT is a valid long with defined risk; price action is to be used upon discretion/ management.

Hope this analysis helps!

Thank you for following my work

And remember,

The market can stay irrational longer than you can stay solvent. - John Maynard Keynes