After a terrible march for NEO, NEO/BTC where it drops more than 40% against BTC with eventually being one of the worst performing altcoins in March.
As NEO consolidated for most of March, it finally reaches support around the 0.006700 satoshis area. With this clear support and consolidation making lower higher, NEO/BTC has formed a nice triangle pattern in combination with a bullish divergence in both the RSI as the MACD.
And with the support level at around 0.006700 satoshis and bullish divergence, NEO only needed some news and/or volume to kick in to have a breakout.
Well, that's exactly what we've got today from NEO. Not much great news but good volume to get the breakout from NEO.
So what if you missed the initial breakout. What's the next best moment to enter a short-term trade in NEO/BTC? Well, let's take a look.
After the initial spike, NEO has consolidated and has formed a (falling) wedge on the hourly chart. There's also an Elliot Wave 5 count to be made on this consolidation period, making a case for another leg up for NEO is perhaps in the making:
Since the market is fairly negative today, it's more likely that we have some more consolidation first before we get another breakout in NEO. So it's better/safer to wait until NEO reaches close(s) to the Apex of the Wedge and then breaks out.
Trade Instructions:
Entry Point:
At the break of the Wedge and above 12 and 50 ema (15 min. timeline)
Profit Targets:
1. 0.007989
2. 0.008146
3. 0.008370
Stop Loss:
0.007310
With the upcoming events and tour in Europe, this might the catalyst and bring in the hype for further upward movement and recovery for NEO.
In any case, let me know if you have any questions.
and until next time, good luck with your trading!
As NEO consolidated for most of March, it finally reaches support around the 0.006700 satoshis area. With this clear support and consolidation making lower higher, NEO/BTC has formed a nice triangle pattern in combination with a bullish divergence in both the RSI as the MACD.
And with the support level at around 0.006700 satoshis and bullish divergence, NEO only needed some news and/or volume to kick in to have a breakout.
Well, that's exactly what we've got today from NEO. Not much great news but good volume to get the breakout from NEO.
So what if you missed the initial breakout. What's the next best moment to enter a short-term trade in NEO/BTC? Well, let's take a look.
After the initial spike, NEO has consolidated and has formed a (falling) wedge on the hourly chart. There's also an Elliot Wave 5 count to be made on this consolidation period, making a case for another leg up for NEO is perhaps in the making:
Since the market is fairly negative today, it's more likely that we have some more consolidation first before we get another breakout in NEO. So it's better/safer to wait until NEO reaches close(s) to the Apex of the Wedge and then breaks out.
Trade Instructions:
Entry Point:
At the break of the Wedge and above 12 and 50 ema (15 min. timeline)
Profit Targets:
1. 0.007989
2. 0.008146
3. 0.008370
Stop Loss:
0.007310
With the upcoming events and tour in Europe, this might the catalyst and bring in the hype for further upward movement and recovery for NEO.
In any case, let me know if you have any questions.
and until next time, good luck with your trading!
Trade active:
Hope you guys have taken this trade on NEO cause it's doing well and have already reached 2 out of 3 targets with the 3rd target missed just by 21 satoshis.
There's probably still some more upside in NEO if BTC/the market doesn't crash on us the coming days/week.
If you haven't already, take some profits and risks off the table.
There's probably still some more upside in NEO if BTC/the market doesn't crash on us the coming days/week.
If you haven't already, take some profits and risks off the table.
Trade closed: target reached