Luettis

NEO in bearish triangle

BITFINEX:NEOUSD   NEO / U.S. Dollar
Take a broader look to NEO. It is within a descending triangle ( bearish ). The first corrective waves have been ended on the last sell-off to the price of $80.
Probably it climbs to the upper limit of the triangle (move W), rebounds and falls back on the current price-level (move X).
It will be then in the peak of the triangle.
With enough momentum it could break out to the top - or it falls back another time.

For short term buyers this offers the opportunity to make some gains but for long term investors this means to stay aware.

This analysis will be invalid when NEO manages to break out of the triangle before reaching the peak.

speculative buy: now with aim 115$ (fib retracement 61.8% down)
STOP: when the actual support at 80$ is broken
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