September Week 4 Community Highlights: Bear, Bull and Crab
Crypto markets had a steep sell off last week with the catalyst being the Evergrande and Chinese debt crisis. And today China doubled down, making all crypto related activities illegal, for what it seems like the 14th time. Bitcoin and crypto now joins the long list profound and informative applications to be banned in China, which include the likes of Google, Wikipedia, Twitter, Facebook and several others. China still has significant sway in the crypto markets but their stance on crypto makes room for hopefully Western countries to champion cryptocurrency properly.
While our weekly contest and longer term technical analysis is not suited for sudden headlines affecting prices, technical analysis with Bollinger bands are quite good at predicting ranges for assets to settle. Our Merchants analysis below utilizes Bollinger bands.
On the daily chart are points 1, 2, 3 and 4 positioned at different points along the Bollinger bands.
Point 1 is the start of the bullish move and it continues along the upper band. This bullish price movement continues and then experiences a correction at the point where it bounces off the upper band to hit the middle band at point 2. The price went back upwards towards the upper band to point 3. Point 3 happens to be a new high which caused a price rejection and a bounce off from the upper band thereby bringing the price to point 4.
The price for Near Protocol will be seen to hit the upper band soon leaving the assets price within $7 and $9.
As for community sentiment, seems leaning towards a cautious wait and see approach to how the Evergrande/China situation is going to unfold. The majority of submissions are predicting NEAR to settle down in the $7-$9 range, as our analysts have also predicted. Check out the best of Merchants community.
Merchants Bear of the week:
BTC has confirmed the downtrend, breaking below the 43k support level, on the daily frame so NEAR could have a big correction. NEAR price may return to $4.8–6 as there is strong support/resistance level at $5.86, but in the long term, NEAR is still in the uptrend phase, I think between $5.86-$7 is a very good buy zone.
-anhkhoa2321997
Merchants Crab of the week:
So, looks like $NEAR passed an important test and the 180d MA held as support. $NEAR price is looking really strong once again, after a steep decline on September 19, and is now heading to test the downward trendline shown in red color in the image. I think it will bounce back down in that line again an retest 180d MA line as support.
-andresdavinf
Merchants ‘Bull’ of the Week:
There is strong support zone on 50 D EMA, having tested it several times and still held above. If we break above the 50 D EMA we could hit the upper rectangle range. And if it breaks the upper rectanglewe could see NEAR make new ATH’s but, in the current market conditions I expect NEAR to trade sideways/up a bit and hit $10.26.
-Joesathyaprakash
Just as we did last week, we are again tempering our expectations. BTC failed to break the 50k resistance last week and now is testing the 41k support. For now NEAR is holding steady with good support from longer ranged EMA’s. Merchants analysts and community are expecting NEAR to trade sideways between the $7-$9 range for this week while we wait with baited breath for the Chinese Debt crisis to unfold.
Thanks for the Merchants for submitting predictions. If you want a full scope of everyone's analysis or have questions on market conditions, be sure to join our TG community.
https://t.me/joinchat/9p64iHVo1e41ZjBh
Best of luck and happy hodling!
