NEOBTC Bull Flag Formation | Strong Trend | key Level Holding
Hello Traders!
Update on NEOBTC, which has proven me wrong from previous analysis (see chart linked), NEO has successfully broken bullish from its apex and is consolidating above the .618 Fibonacci Level.
Points to consider,
- Strong Bull Trend
- Key resistance broken, S/R Flip
- Price consolidating on support
- Volume Declining
- RSI respecting support
- Bull Flag formation
NEO has established a very strong uptrend since 26th October 2019, breaking key resistant levels, price is now consolidating on the .618 Fibonacci level, which was a previous staunched resistance.
Volume is clearly declining upon consolidation, signalling that a move will be imminent; we have a bull flag formation which puts emphasis on the probability of a continued bullish bias from current level.
The RSI has been respecting support, which is healthy in this trend, showing that buyers are in control at current given time. The stochastics is currently projected downwards slightly, but as we can see, it can stay in upper regions for an extended period of time (Blue highlighted area).
The VPVR is quite interesting, the volume of transactions increases as it gets closer to the blue trend line, which is a good area to take profits due to technical confluences.
Overall, in my opinion, NEO has a high probability of break bullish from this flag as we are in a strong uptrend. Volume is declining, which is what we need to see in a flag formation, we are also holding and respecting a key support, that is the .618 Fibonacci level.
What are your thoughts?
Please leave a like and comment,
And remember,
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
Update on NEOBTC, which has proven me wrong from previous analysis (see chart linked), NEO has successfully broken bullish from its apex and is consolidating above the .618 Fibonacci Level.
Points to consider,
- Strong Bull Trend
- Key resistance broken, S/R Flip
- Price consolidating on support
- Volume Declining
- RSI respecting support
- Bull Flag formation
NEO has established a very strong uptrend since 26th October 2019, breaking key resistant levels, price is now consolidating on the .618 Fibonacci level, which was a previous staunched resistance.
Volume is clearly declining upon consolidation, signalling that a move will be imminent; we have a bull flag formation which puts emphasis on the probability of a continued bullish bias from current level.
The RSI has been respecting support, which is healthy in this trend, showing that buyers are in control at current given time. The stochastics is currently projected downwards slightly, but as we can see, it can stay in upper regions for an extended period of time (Blue highlighted area).
The VPVR is quite interesting, the volume of transactions increases as it gets closer to the blue trend line, which is a good area to take profits due to technical confluences.
Overall, in my opinion, NEO has a high probability of break bullish from this flag as we are in a strong uptrend. Volume is declining, which is what we need to see in a flag formation, we are also holding and respecting a key support, that is the .618 Fibonacci level.
What are your thoughts?
Please leave a like and comment,
And remember,
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
