Bearish Flag Set up
Hello Merchants!!!
Here is another TA on Near Protocol price movements.
The chart is NEARUSDT 1D chart and We will be using support and resistance for this analysis.
There are three basic supply zones corresponding to three major resistance levels on the chart. The first resistance at $11.5, the second at $13.2 and the third at $16.5.
After the price dump to $9.5 on the 24th of January, Price got a new bullish impulse and has beaten the $11.5 and $13.2 resistance levels to test the $14 zone. This is a sign that there are chances of price going beyond the 2nd supply zone and heading to the third.
But at the moment, price is under a bearish flag (bearish flag is clearer on the 4H chart) which got triggered when price tested the $14 supply level.
Also, the candlesticks are below the trend line which means that the bears have pushed price to break the support line at $10.4
Two scenarios are possible, either (1) price goes back to the resistance (supply zone) at $11.5 before going back to retest the support (demand zone) at $9.5 or
(2) price drift down to retest the support (demand zone) at $9.5 again before going back to the supply zone at $11.5
In any case, DYOR
Good luck trading!!!
Here is another TA on Near Protocol price movements.
The chart is NEARUSDT 1D chart and We will be using support and resistance for this analysis.
There are three basic supply zones corresponding to three major resistance levels on the chart. The first resistance at $11.5, the second at $13.2 and the third at $16.5.
After the price dump to $9.5 on the 24th of January, Price got a new bullish impulse and has beaten the $11.5 and $13.2 resistance levels to test the $14 zone. This is a sign that there are chances of price going beyond the 2nd supply zone and heading to the third.
But at the moment, price is under a bearish flag (bearish flag is clearer on the 4H chart) which got triggered when price tested the $14 supply level.
Also, the candlesticks are below the trend line which means that the bears have pushed price to break the support line at $10.4
Two scenarios are possible, either (1) price goes back to the resistance (supply zone) at $11.5 before going back to retest the support (demand zone) at $9.5 or
(2) price drift down to retest the support (demand zone) at $9.5 again before going back to the supply zone at $11.5
In any case, DYOR
Good luck trading!!!
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