NEOBTC - I'm Slightly Bullish

Looking at the NEOBTC chart we can see a medium term up trend and a recent down trend after a death cross which may have completed or be nearing completion at the support level at 0.012. We can see that it broke out from an earlier symmetrical triangle but did not complete its up cycle to .01577. NEO is oversold as can be seen by the RSI, expect a trend reversal.

I would buy in between .0127 and .0120

Target 1 - 0.157 (9th Feb).

Stop loss - 0.0109

WARNING - Still a risky trade in the current environment set stop loss

Trade active:

Bugger it, I'm in at .0125

Found an inverse head and shoulders which further confirms the target of .0157

Comment:

NEO broke the symmetrical triangle with an uptrend. I was right to be slightly bullish. We have new support at 0.0120 and I see slow and steady growth progressing to our target of 0.0157.

Not a huge profit but given the market conditions at the time of the trade that I setup I will take it. Paritcularly when you consider almost everything else was going backwards against the $. Given the above I'm over the moon with this trade.

Comment:

Support still holding at 0.0120 despite the broader market crash. Relatively speaking it has held up well and could still make the target. Don't forget to set the stop loss at 0.0109

Comment:

The stop loss hasn't been triggered but NEO is still hanging in there and to be fair it has done better than most cryptos during the crash. Trade still active but the premise of the TA is out the window.

Trade closed: stop reached:

Stop loss was hit with the broader market crash. I'm going to close this idea and watch NEO closely and may create another idea for NEO