NEAR, tonight I choose to go short.
I’m looking at a rebound that got sold down again. Binance spot today saw the highest rebound at 5.066 USDT around midday; then from 15:00 to 19:00, five consecutive full hourly candles closed lower, ending at 4.845. The bid pushed the price back toward 5, but it couldn’t hold. I think this pullback isn’t over yet.
More importantly, as of 20:04, Bitcoin is up about 2.9% over the past 24 hours, while NEAR is down about 5.4%. The overall market is strengthening, yet it can’t hold the rebound. I’m more inclined to believe that its own selling pressure hasn’t been fully digested, and the next move is still likely to bring it near 4.75.
However, it did rebound around 4.75 earlier in the night—there were buyers there—so you can’t infinitely expand the downside. The U.S. Bureau of Labor Statistics is scheduled to release the Non-Farm Payrolls at 20:30 tonight, and the data could also trigger a sharp snapback. If my stop-loss is hit, this trade idea ends.
Reference price: 4.839, take-profit: 4.750, stop-loss: 4.950#near
I’m looking at a rebound that got sold down again. Binance spot today saw the highest rebound at 5.066 USDT around midday; then from 15:00 to 19:00, five consecutive full hourly candles closed lower, ending at 4.845. The bid pushed the price back toward 5, but it couldn’t hold. I think this pullback isn’t over yet.
More importantly, as of 20:04, Bitcoin is up about 2.9% over the past 24 hours, while NEAR is down about 5.4%. The overall market is strengthening, yet it can’t hold the rebound. I’m more inclined to believe that its own selling pressure hasn’t been fully digested, and the next move is still likely to bring it near 4.75.
However, it did rebound around 4.75 earlier in the night—there were buyers there—so you can’t infinitely expand the downside. The U.S. Bureau of Labor Statistics is scheduled to release the Non-Farm Payrolls at 20:30 tonight, and the data could also trigger a sharp snapback. If my stop-loss is hit, this trade idea ends.
Reference price: 4.839, take-profit: 4.750, stop-loss: 4.950#near