Analyst Says “Textbook” Setup Forming for Ethereum Rival, Predicts Point of Maximum Opportunity for Bitcoin
A popular crypto analyst says he’s bullish on an Ethereum (ETH) challenger that he believes will flash 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 refer 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.
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.”
Additionally, Cantering Clark highlights that NEAR managed to clear its diagonal resistance and is now ready to move above $7.00.
“To anyone starting to push out late shorts. Send NEAR to range heights like everything else.”
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.”
At the time of writing, Bitcoin is changing hands at $30,389.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
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