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 that he thinks is flashing a “textbook” trade setup.
The pseudonymous crypto trader known as Cantering Clark tells his 132,900 Twitter followers that decentralized application (DApp) platform Near Protocol (NEAR) has been trading within a narrow range in the last few days.
“This NEAR setup is textbook. Honestly, it doesn’t get much better. Three days of almost entirely inside value and range, i.e. Russian Doll setup. Open interest up on negative basis. Break from balance now. At least 10-15% move coming.”
Russian doll setups refer to technical patterns within patterns, giving traders strong conviction on the play.
The trader also says that NEAR’s ability to hold the current range suggests that bulls are gearing up for a breakout.
“I am looking at what is possibly an acceptance outside of value for the last the days and seeing this in light of similar setups across the board playing out. It is contingent on the top of the local range holding as support.
I am tenacious about not incurring drawdowns or letting anything go against me in a strong bear trend, so if my setup criteria gets violated, I will gladly exit each time and reload as it replays.”
In addition, Cantering Clark highlights that NEAR has managed to take out its diagonal resistance and is now poised to move above $7.00.
“To whomever is starting to push late shorts out. Send NEAR to range highs like everything else as well.”
At time of writing, NEAR is trading at $6.20, up 2.42% in the last 24 hours.
The analyst also identifies what he sees as the best time entry point for Bitcoin (BTC) bulls in preparation for the next halving event that will happen in 2024. Cantering Clark’s prediction is based on how Bitcoin reversed its trend during the 2014 and 2018 bear markets.
“Hey who is excited for the next Bitcoin halving?
If past is precedent, the beginning of 2023 would be where maximum opportunity is.”
At time of writing, Bitcoin is changing hands at $30,389.
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