Hello traders,
This is a little bit unusual analysis on my channel. I usually trade usd pairs, but this one is exception. NEOUSDT price is struggling despite fact that BTC.D is falling also BTC price is rising (atm). So i was looking for answer in NEOBTC. In chart we can see that NEO is in huge rising wedge, what is bearish signal. NEO is currently trading at 745 sat and we can see strong resistance at 775 sat. I marked 2 wide support zones below, where market was struggling to rise/fall.
I am a bit confused now, because NEO has strong fundamental news of releasing NEO 3.0 blockchain, which i explained in my previous NEO analysis. On the other hand, rising wedge is definitely bearish signal as consolidation after long market - If we look at 1D or 1W chart we can see that NEO is in bear market since september 2020, when H&S sent him down.
It is important to watch both upper and lower trendlines and how will NEO react there. In general - if NEO breaks lower tl, it may be breakout from falling wedge followed by huge drop. BUT, considering fact like NEO 3.0 strong fundament and falling BTC dominance i think NEO manage to break from this formation UP even it is not natural. Sometimes its better to trade with your logic and feeling, not with lines and charts like robot without soul. But this is just my personal idea not investment advice, always do your own research and decide on your own.
Please let me know in comments your opinions, would love to hear them.
I will appreciate like and follow
TRADE BITH BRAIN, NOT GREED
This is a little bit unusual analysis on my channel. I usually trade usd pairs, but this one is exception. NEOUSDT price is struggling despite fact that BTC.D is falling also BTC price is rising (atm). So i was looking for answer in NEOBTC. In chart we can see that NEO is in huge rising wedge, what is bearish signal. NEO is currently trading at 745 sat and we can see strong resistance at 775 sat. I marked 2 wide support zones below, where market was struggling to rise/fall.
I am a bit confused now, because NEO has strong fundamental news of releasing NEO 3.0 blockchain, which i explained in my previous NEO analysis. On the other hand, rising wedge is definitely bearish signal as consolidation after long market - If we look at 1D or 1W chart we can see that NEO is in bear market since september 2020, when H&S sent him down.
It is important to watch both upper and lower trendlines and how will NEO react there. In general - if NEO breaks lower tl, it may be breakout from falling wedge followed by huge drop. BUT, considering fact like NEO 3.0 strong fundament and falling BTC dominance i think NEO manage to break from this formation UP even it is not natural. Sometimes its better to trade with your logic and feeling, not with lines and charts like robot without soul. But this is just my personal idea not investment advice, always do your own research and decide on your own.
Please let me know in comments your opinions, would love to hear them.
I will appreciate like and follow
TRADE BITH BRAIN, NOT GREED
