We have broken above the cloud on the 4HR chart, and there is a possiblity of an ascending triangle trade in the near future. As we zoom out to the 1D chart, we see NEO has slowly crept inside of the cloud which suggests further price action is possible.
Trade Possibility: Place bids along the bottom of the cloud support (price labeled in grey). A stop should be considered if a 4HR candle closes below the cloud (not likely unless BTC dumps) or if the support line of the ascending triangle breaks. Target would be around the daily kijun (price labeled in red) which coincides with the measured move of the ascending triangle. Confluence on 4HR / 1D and a good risk reward for this trade.
Not financial advice. Assume this is education/entertainment.
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If trading the breakout of the triangle top, wait for confirmation as this could easily be a fakeout to bottom of cloud support.
Trade active
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Keep the tight stop.. a break of cloud support should drop to the tenkan (blue line)
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pennant did not play out but that does not mean neo has given up the fight into the daily cloud. for those looking to enter, buy orders at cloud support and tenkan with stops below. if tenkan (blue line) does not hold, leave the trade asap
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Possible bear pennant. Be wary of closes below the daily cloud which could suggest a move to the tenkan.
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Saw some buy volume that has helped neo steady the ship. expecting something similar to this:
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Clear ascending triangle...bullish!
Trade closed: target reached
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Target hit almost precisely with exit price. expect pullback into testing of longer term downtrend line. might be seeing the start of a new bull run for neo. for buy zones and updates follow the most recent neo idea!
fakeout due to btc run. prepare stops if 4hr/1d closes below cloud
doolieuber
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pennant did not play out but that does not mean neo has given up the fight into the daily cloud. for those looking to enter, buy orders at cloud support and tenkan with stops below. if tenkan (blue line) does not hold, leave the trade asap