NEO, the next big thing in the coming months? Let's find out.
NEO, one of the favourites.
Smaller text at the chart today, but that’s all fine. First of all, the NEO/USD chart is looking bright. BTC and all the other altcoins did break the downtrend, while NEO didn’t do that yet, which is great and given the current market sentiment, I’m expecting NEO to be breaking out hand in hand with the rest of the market.
So, what did we see?
Clear falling wedge pattern and support found at the 0.618 fibonacci level, tweeted about this one earlier. Also volume accumulation going on when the coin was at the bottom.
Very strong breakout after the falling wedge and bullish divergences.
Moved upwards tot he next resistance zone (based on support from the earlier spike). Found support at the log trend (newly made) and made another breakout. I’ve shared the waves it was going earlier on Twitter.
So, what am I expecting now? It touched the 0.382 fibonacci level and it’s approaching the next big resistance zone (diagonal) too.
A little sideways is justified and in that order we’re making the ascending tirangle, which is a common pattern for bullish markets.
Entry around 0.009 is the best entry you could get here. Exit around 0.011 is great, but I’d rather hold this as a swingtrade.
Entry: 0.009-0.0092
T1: 0.001
T2: 0.0011
T3: 0.0015
Stop/loss: 0.0086
Smaller text at the chart today, but that’s all fine. First of all, the NEO/USD chart is looking bright. BTC and all the other altcoins did break the downtrend, while NEO didn’t do that yet, which is great and given the current market sentiment, I’m expecting NEO to be breaking out hand in hand with the rest of the market.
So, what did we see?
Clear falling wedge pattern and support found at the 0.618 fibonacci level, tweeted about this one earlier. Also volume accumulation going on when the coin was at the bottom.
Very strong breakout after the falling wedge and bullish divergences.
Moved upwards tot he next resistance zone (based on support from the earlier spike). Found support at the log trend (newly made) and made another breakout. I’ve shared the waves it was going earlier on Twitter.
So, what am I expecting now? It touched the 0.382 fibonacci level and it’s approaching the next big resistance zone (diagonal) too.
A little sideways is justified and in that order we’re making the ascending tirangle, which is a common pattern for bullish markets.
Entry around 0.009 is the best entry you could get here. Exit around 0.011 is great, but I’d rather hold this as a swingtrade.
Entry: 0.009-0.0092
T1: 0.001
T2: 0.0011
T3: 0.0015
Stop/loss: 0.0086
Trade closed: stop reached