Bitcoin (BTC)Crypto NewsEthereum (ETH)

Analyst Says ‘Textbook’ Setup Forming for One Ethereum Rival Predicts Point of Maximum Opportunity for Bitcoin

A popular crypto analyst says he’s bullish on one Ethereum (ETH)-Challenger who he believes is flashing a “textbook” trade setup.
Pseudonymous crypto trader Cantering Clark tells his 132,900 Twitter followers that the Near Protocol (NEAR) decentralized application (DApp) platform has been trading in a narrow range for the past few days.

“That VICINITY Structure is textbook. Honestly, it doesn’t get much better. Three days almost entirely within value and range ie Russian Doll setup. Open interest up on a negative basis. Break your balance now. At least 10-15% movement coming.”
Source: Cantering Clark/Twitter
Russian puppet setups relate to technical patterns within patterns, giving traders a strong belief in the game.

The trader also says that NEAR’s ability to hold the current range suggests that the bulls are preparing for a breakout.

“I’m looking at what might be off-value acceptance over the past few days and seeing that across the board given similar setups. It relies on the top of the local area being held for support.

Airdrop from VNSMART Analyst Says ‘Textbook’ Setup Forming for One Ethereum Rival Predicts Point of Maximum Opportunity for Bitcoin, Crypto Trading News

I’m adamant about not suffering drawdowns or letting anything go against me in a strong bear trend. So if my setup criteria gets violated I’ll happily back out every time and reload on reps.”

In addition, Cantering Clark points out that NEAR has succeeded in its diagonal Resistance and is now poised to scale above $7.00.

“To anyone starting to push out late shorts. Send NEAR to range heights like everything else.”
Analyst Says ‘Textbook’ Setup Forming for One Ethereum Rival Predicts Point of Maximum Opportunity for Bitcoin, Crypto Trading NewsSource: Cantering Clark/Twitter
At the time of writing, NEAR is trading at $6.20, up 2.42% over the past 24 hours.

The analyst also identifies what he believes to be the best entry time for Bitcoin (BTC)-Bulls in preparation for the next halving event, which will occur in 2024. Cantering Clark’s prediction is based on how Bitcoin reversed its trend during the 2014 and 2018 bear markets.

“Hey, who’s excited for the next bitcoin halving?

If the past is any precedent, the beginning of 2023 would be where the maximum chance is.”
Analyst Says ‘Textbook’ Setup Forming for One Ethereum Rival Predicts Point of Maximum Opportunity for Bitcoin, Crypto Trading NewsSource: Cantering Clark/Twitter
At the time of writing, Bitcoin is changing hands at $30,389.
Check the price action

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button