ππ This Altcoin Will Bounce Hard From This Level!
π NEAR is ready to surprise everyone by the next leg up.
Overview
Chart #1 - Injective (INJUSDT) Daily
Chart #2 - Near Protocol (NEARUSDT) Daily
Chart #3 - Ton (TONUSDT) 12-Hour
Chart #1 - Injective (INJUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
Price coming in and tagging $18.50, filling the previous wick down. We're looking for signs of strength here that the range low is getting defended to possibly DCA into a trade in Injective. With the Daily Stoch RSI turning over, keep an eye on the cross in line with a change of character.
If price loses this support, then wait to see if it is turned into a deviation before buying at this level off of a higher high then higher low. I would like to see price consolidating above $22, then find the break to the upside from here to enter with a stop loss (SL) under support at $18.
Entry: Wait for consolidation above $22 and break to the upside
Take Profits (TP):
TP1: $30
TP2: $36
TP3: $44
SL: Below $18
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Chart #2 - Near Protocol (NEARUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
Price has tagged $4.43, filling 50% of the wick and retesting previous resistance as key support. With a lot of short liquidity building to the upside, we could be looking at a squeeze. As long as buyers step in here, we could see price defending the previous higher timeframe range high as support for a move up. Look for price to consolidate in this area, finding acceptance above $5.
Then, look for a break above $5.70 for a higher high to enter on the higher low to retest resistances. Keep in mind that we are still in a downtrend, so the safest entry would be to ladder in.
Entry: Above $5 after consolidation
Take Profits (TP):
TP1: $6.20 (25%)
TP2: $8 (60%)
TP3: $10 (120%)
SL: Below $4
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Chart #3 - Ton (TONUSDT) 12-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
TON is currently one of the strongest charts in crypto, showing relative strength against BTC. On the bearish side, this indicates that many traders are still holding with expectations that the markets will continue higher. If BTC loses another level, we can expect investors to reduce risk here, offering both an opportunity to hedge short and DCA buy into your higher timeframe zones.
Losing and retesting $7.5 as resistance will trigger a short to range lows, marking the current move as a deviation. Use the profits on the short to balance risk as you ladder into a spot long position at the 50 and 100-day MAs.
Short Entry: $7.5
Take Profits (TP):
TP1: $6.7
TP2: $5.6
TP3: $4.7
Stop Loss: $8.3
Another entry that we are looking at is the Long Spot entry.
Spot Long Entry1: $5.8 to $6.6
Take Profits (TP):
TP1: $8
TP2: $9
TP3: Moonbag
Stop Loss: Daily close below $5.6
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Banterβs Take
After touching $67,280 and rejecting resistance, BTC has continued to the downside. Buying pressure stepped in as we entered the FVG, bouncing at $64,500. However, donβt rule out a further dip to $63,000. We need to see buyers stepping in soon to create a bounce from here, pushing back towards and reclaiming $70,000 for MTF continuation higher. Keep an eye on price potentially reclaiming $67,000 to start the change of character (CHOC). Key areas to watch for price action are whether we retest $63,000 or reject/reclaim $67,000. Watch for a retest of $63,000 with buyers stepping in and breaking the highs at $67,000. Look for the higher low into support for potential long territory.
As we continue to trend medium-term to the downside, continue to trade the trend until it ends. By this, I mean remain patient on your spot buys, especially with Wednesday this week being a public holiday in America. Treat lower highs as areas to sell into the green on any overexposed sectors of your altcoins. Wait for either the change of character on Bitcoin reclaiming $67,000 on lower timeframes and $70,000 on higher timeframes to find higher lows for risk-on actions. Trend continuation on higher timeframes will only be confirmed once the price reclaims $73,000.
Losing $64,000 and a drop to $60,000 is still not ruled out; we would need to bounce relatively quickly from this area. Alternatively, losing higher timeframe (HTF) support and the 200-day MA could mean looking as low as $52,000.
Stay safe my friends!
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