$NEO / BTC - #NEO +68% soon or victim of the bears?
NEO has almost reached the last support line that we have in our technicals.
If the bullish scenario plays out we will see increments in stages following the fibonacci retracements as per the chart.
Previously NEO has followed quite closely retracements and could be a case also on the way up.
There are 4 Take profit points on the way to make this trade safe and minimize risk.
From Breakout:
+27%
+39%
+49%
+68%
At this points short retraces are expected.
For the bear scenario there is no technicals below support. And price can either stabilize at various fibonacci projections or collapse. There is no data to tell.
Always wait for a solid breakout with positive volume before entering any trade.
Trade Safe.
If the bullish scenario plays out we will see increments in stages following the fibonacci retracements as per the chart.
Previously NEO has followed quite closely retracements and could be a case also on the way up.
There are 4 Take profit points on the way to make this trade safe and minimize risk.
From Breakout:
+27%
+39%
+49%
+68%
At this points short retraces are expected.
For the bear scenario there is no technicals below support. And price can either stabilize at various fibonacci projections or collapse. There is no data to tell.
Always wait for a solid breakout with positive volume before entering any trade.
Trade Safe.
Comment:
Comment:
We are still respecting the downtrend line. Be patient for a full close outside the trend line with sustained volume before entering any position
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At the moment we are recovering and if the price breaks the blue descending trendline this pattern is tradeable as per the analysis keep a good eye on the volume at breakout and momentum. We are on the right path for a bull run.