Desciption chart setup:
- Possible short formed W (RSI trendbreak confirmed 4h)
- Descending triangle formation for a possible wave 4 (Retracement fib target reached 0.382)
- Target box laid out in chart
- Possible short formed W (RSI trendbreak confirmed 4h)
- Descending triangle formation for a possible wave 4 (Retracement fib target reached 0.382)
- Target box laid out in chart
Commento:
Setup depends on bitcoin's price action, keeping a close eye on the formation of a possible wave 4
Commento:
Bitcoin just pierced the 0.5fib retracement. Official invalidation at $68754.
Commento:
Bitcoin easily broke the 0.618. Possibilities for bullish continuation just increased. Reassessing new wave count.
Commento:
Invalidation for more downward pressure at $64512.
Commento:
Broke trendline. Looking impulsive with volume.
Commento:
Still indecisive whether this is corrective or a finished wave 3. Wave 3 did hit the 1.618fib level. Invalidation level at $6.836.
Commento:
My main scenario a wave X, perhaps a larger triangle.
Commento:
Breaking $6.821 will lead to lower prices.
Commento:
Keeping this BTC scenario in mind whilst eyeing NEAR's price action.
Commento:
Potential subwave B completion
Commento:
A bit of speculation. RSI does not yet support a triangle.
Commento:
That escalated quickly! Wave Y started sooner then I hoped..
Commento:
This was bound to happen at some point, but when it hits it hits HARD. Hope everybody executed their trading plan. This correction can be very quick and deep.
Commento:
Remain short-term bearish unless we break $5.758.
Commento:
Adjusted count to one more leg down.
Commento:
Update. Based on the current corrective structure, I forsee one more low for a finished wave Y/wave 4 (minuette). However, there is a clear invalidation level at $4,026, that makes it unlikely to touch the 1.236 & 1.618fib. Unless ofc this is not a wave 4. For the low to be in a double bottem (or truncated 5th) will confirm bullish momentum.
Commento:
Would be suprised if NEAR would follow Bitcoin's price movement and break out to the upside.
Commento:
Low might be in for Bitcoin.
Commento:
Previous chart was incorrectly labelled. The ending diagonal appears in Wave C of a zigzag. Wave 3 is shorter than wave 1, wave 5 is shorter than wave 3, and wave 3 is shorter than wave 2.
Commento:
I retract my comment from the 18th, because I do see a possibility for NEAR to have bottomed.
Commento:
Focused to much on the smaller timeframe. Expected a potential wave 4. However, wave 4 got invalidated (diagonal seems far fetched) as well as varies ABC structures. A 1-2, 1-2 setup might now be possible, but I can't rhyme this with Bitcoin's chart unless BTC lifts off.
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